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Sunday, Dec 15, 2002

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Final public offer for Madura Coats

Our Bureau

MUMBAI: DSP Merrill Lynch Ltd has informed the Bombay Stock Exchange that J & P Coats Ltd, Scotland (JPC) with Coats Plc, as Person Acting in Concert (Coats) had made an open offer (Letter of offer dated September 17) to acquire up to 21,669,392 fully paid-up equity shares of Rs 10 each representing 36.82 per cent of the equity capital of Madura Coats Ltd (MCL) at a price of Rs 40 per share.

The offer resulted in the public shareholding to less than 10 per cent of the voting capital.

JPC and Coats (Acquirer and PAC) are now making a final cash offer to purchase the outstanding public shareholding of MCL comprising 4,131,027 shares (representing 7 per cent of the equity share capital) at a price of Rs 40 payable in cash.

The date of opening of the offer is December 16 and the date of closing is December 30.

Further, for the shareholders who due to certain reasons are not in a position to accept the final offer, an exit facility at the offer price shall be provided by the acquirer for a period of six month from the final offer opening date i.e. till June 16, 2003.

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