Diageo to launch United Spirits tender offer on January 7
November 20, 2012 10:07 PM EST
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 percent stake in India's largest spirits company, will close on January 18, JM Financial said in a notice to the exchange on Tuesday.
Shares in United Spirits ended up 0.6 percent 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 percent since the announcement of the deal on November 9.
(Reporting by Anurag Kotoky; Editing by Anand Basu)
Most Popular Slideshows
- Celebrities Who Were Victims of Rape: Psychological and Physical Effects of Rape
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Women’s Tennis’ Grand Slam Winners Of 2014 - Li Na, Sharapova, Kvitova, And Williams
- Kanye West, Ben Affleck, Serena Williams Are Victims Of Migraines: Ways To Tackle It
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- iPhone 6 vs iPhone 6 Plus vs Galaxy S5 and HTC One M8: Performance, CPU and Health
- Google Android Lion vs Apple iOS 8: Why Make the Big Switch
- Samsung Galaxy Note 4 vs. OnePlus One – Can The Underdog Trump The Monster?
- US Government Threatened Yahoo to Provide User Data: If not Pay a Fine of $250,000 per day
- Optus Successfully Launches Optus 10 Satellite That Will Improve TV, Internet, Phone & Data Transmission In Australia
- Forget Nexus 6 Release Date, Moto X Pure Edition is Coming Soon with Wi-Fi Calling – Reports
- 7 Reasons Why Atlassian Topped BRW’s Best Place To Work In Australia 2014 List