Siemens reschedules open offer for Bayer Diagnostics

Siemens reschedules open offer for Bayer Diagnostics
PTI
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First Published: Tue, Apr 03 2007. 01 26 PM IST
Updated: Tue, Apr 03 2007. 01 26 PM IST
Mumbai: Siemens AG has rescheduled its open offer worth Rs19.70 crore to the shareholders to acquire 20% stake in Bayer Diagnostics India Ltd.
The company would pay an interest over the original offer price to compensate for the delay in implementing the offer.
Siemens would pay an interest of Rs39.49 per share taking its total payment to Rs20.93 crore for the offer, the company informed the Bombay Stock Exchange.
A total payment of Rs668.94, comprising of Rs629.45 as the offer price and Rs39.49 as interest due to delay, will be thus made for each fully paid up equity share of Bayer Diagnostics India already tendered and accepted under the offer.
The offer would now open on 11 April and close on 30 April, it said.
The offer was scheduled to open on 6 April, 2007 and was to have closed on 25 April, 2007.
The interest was computed at the rate of 10% per annum for the period from 29 September, 2006, the original scheduled date of payment of consideration to 15 May, the revised scheduled date of payment of consideration (both days inclusive), it said.
The other terms and conditions of the offer remain unchanged.
As per the open offer, Siemens AG would acquire up to 3.13 lakh equity shares of Rs10 each, representing up to 20% of the outstanding voting equity share capital of Bayer Diagnostics.
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First Published: Tue, Apr 03 2007. 01 26 PM IST
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