Mumbai :Vijay Mallya joined hands with Saroj Poddar Adventz group to retain a controlling stake in Mangalore Chemicals and fertilizers(MCF)company.
The Adventz and UB group made a combined offer to buy 26 per cent stake in Mangalore Chemicals at Rs 68.55 per share. While Adventz group company Zuari Fertilisers & Chemicals holds 16.43 per cent stake in Mangalore Chemicals, promoter United Breweries group has 21.98 per cent.
Both the companies combined holding of 38.41 per cent plus management control (with UB) clearly gives Adventz and UB group an edge over Deepak Fertilisers.
The combined offer follows Deepak Fertilisers' open offer announcement last month to buy 26 per cent stake at Rs 61.75 per share. The company subsequently revised the offer price to Rs 63 per share, the highest price at which it had acquired shares from the open market to raise its stake to 25.31 per cent from 24.46 per cent.
Deepak Fertilisers is likely to come out with a strategy to counter the offer in the coming days. "The offer has just been announced, we shall evaluate the same and take necessary steps after consulting our investment bankers," said a spokesperson for Deepak Fertilisers. "The company's board, scheduled to meet on May 15 to consider the quarter and annual results for 2013-14, may also discuss its next course of action the same day."
The Adventz and UB group made a combined offer to buy 26 per cent stake in Mangalore Chemicals at Rs 68.55 per share. While Adventz group company Zuari Fertilisers & Chemicals holds 16.43 per cent stake in Mangalore Chemicals, promoter United Breweries group has 21.98 per cent.Both the companies combined holding of 38.41 per cent plus management control (with UB) clearly gives Adventz and UB group an edge over Deepak Fertilisers.
The combined offer follows Deepak Fertilisers' open offer announcement last month to buy 26 per cent stake at Rs 61.75 per share. The company subsequently revised the offer price to Rs 63 per share, the highest price at which it had acquired shares from the open market to raise its stake to 25.31 per cent from 24.46 per cent.
Deepak Fertilisers is likely to come out with a strategy to counter the offer in the coming days. "The offer has just been announced, we shall evaluate the same and take necessary steps after consulting our investment bankers," said a spokesperson for Deepak Fertilisers. "The company's board, scheduled to meet on May 15 to consider the quarter and annual results for 2013-14, may also discuss its next course of action the same day."
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