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Berger
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Octavia
Elite |
22-Aug-2013 09:27
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Asian Paints (International) intends to make a voluntary unconditional cash offer of $0.25/share, for all the shares of Berger that it does not own. This represents a 79% premium over the counter?s last closing price of $0.14, and translates to an acquisition multiple of 2.8x P/B. The offeror currently holds a ~75.8% stake. The offeror had on 21 Aug 2013, acquired ~25.7% stake from Aegis Estates at $0.25, and intends to make the offer available at the same price to minority shareholders. The offeror intends to exercise any rights of compulsory acquisition that may arise. Believes the privatization of Berger will provide greater flexibility for the group to manage ,develop and optimize its use of management and capital resources. Separately, Berger requests for trading halt. |
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