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
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- National Ice Cream Day: Most-Ordered Flavors and Toppings by Americans [See Photos]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
- Photos from the Crash Site of Malaysia Airlines MH17 In Ukraine
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
- Fresh Leak Hints iPhone 6 Price and Release Date; 4.7-Inches iPhone 6 Sapphire Display Scratched in Test; New Spigen Cases Out
- iPhone 6 2014 Release Date Very Soon as Apple Orders 120M New iPhones from Foxconn – Report
- Google Nexus 6 on Release Date Will Sport 2K Display Panel & Lower Price Tag – Report
- Motorola Moto G Vs. Xiaomi Mi3 – Low in Price, High -level Features
- FCC Approves Sony Xperia Z3 for U.S. Market
- Killer Xiaomi Mi4 at $369 Likely to Come With 5.0-Inch Display, Snapdragon 801 Processor, 3GB RAM and More
- End of Times Indicators: Japan’s Mount Fuji in ‘Critical State’ to Erupt, Could Affect At Least 1.2M People