Diageo to launch United Spirits open offer on 7 Jan

The offer, which will give Diageo a 53.4% stake in United Spirits, will close on 18 January
Comment E-mail Print Share
First Published: Tue, Nov 20 2012. 04 20 PM IST
A file photo of Vijay Mallya. Photo: HT
A file photo of Vijay Mallya. Photo: HT
Updated: Tue, Nov 20 2012. 04 36 PM IST
New Delhi: Diageo Plc will launch a mandatory share tender offer to buy up to 26% additional stake in India’s United Spirits Ltd from public shareholders on 7 January, the manager to the offer said in a notice to BSE.
Earlier this month, Diageo agreed to buy a majority stake in United Spirits, controlled by Indian businessman Vijay Mallya, for $2.1 billion, fuelling a push by the world’s biggest spirits group into fast-growing markets.
The tender offer, which is part of the two-tranche deal that will give Diageo a 53.4% stake in India’s largest spirits company, will close on 18 January, JM Financial said in a notice to the exchange on Tuesday.
Shares in United Spirits ended up 0.6% at Rs.1,762, higher than Diageo’s offer of Rs.1,440 a share to minority shareholders. The sharp jump in the stock has clouded the outcome of the tendering process, analysts said.
United Spirits shares have risen more than 30% since the announcement of the deal on 9 November.
Comment E-mail Print Share
First Published: Tue, Nov 20 2012. 04 20 PM IST
More Topics: United Spirits | Diageo | Vijay Mallya | stake |
blog comments powered by Disqus
  • Wed, Oct 01 2014. 03 52 PM
  • Wed, Sep 24 2014. 05 16 PM
Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved