Diageo to launch United Spirits tender offer on Jan 7 - Times of India

The author has posted comments on this articleReuters | Nov 20, 2012, 07.40PM IST NEW DELHI: Diageo Plc (DGE.L) will launch a mandatory share tender offer to buy up to 26 per cent additional stake in United Spirits Ltd (UNSP.NS) from public shareholders on January 7, the manager to the offer said in a notice to the Bombay Stock Exchange. Earlier this month, Diageo agreed to buy a majority stake in United Spirits, controlled by 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 per cent stake in India's largest spirits company, will close on Janu ary 18, JM Financial said in a notice to the exchange on Tuesday. Shares in United Spirits ended up 0.6 per cent at 1,762 rupees, higher than Diageo's offer of 1,440 rupees 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 per cent since the announcement of the deal on November 9. via Business - Google News

Put the internet to work for you. via Personal Recipe 2229248