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Heidelberg revises open offer terms for Mysore Cements

Special Correspondent

BANGALORE: German cement and building materials giant Heidelberg Cement AG's subsidiary Cementrum I BV has decided to waive the condition for accepting the minimum number of shares under the open offer made by it to the shareholders of S K Birla group company Mysore Cements Ltd.

Last month Cementrum and Heidelberg Cement AG (Person Acting in Concert) had made an open offer to the shareholders of Mysore Cements for acquiring 3.50 crore equity shares of the company, representing a 22.15 per cent stake.

In a filing on the Bombay Stock Exchange on Saturday Ambit Corporate Finance Pvt Ltd, the manager of the offer, on behalf of Cementrum and Heidelberg issued a revised public announcement to the shareholders of Mysore Cements declaring the open offer to be unconditional and not subject to any minimal level of acceptance.

Consequently, the acquirer will accept all shares validly tendered in the offer subject to a maximum of 3.50 crore shares. If the aggregate of the valid responses to the offer exceeds 3.50 crore shares, then 3.50 crore shares will be accepted on a proportionate basis as per Regulation 21(6) of the SEBI Takeover Code.

The shareholders of Mysore Cements in the extraordinary general meeting held on August 16 have approved a preferential issue to the acquirer. Accordingly, Heidelberg Cement has decided to waive the condition as to the minimum level of acceptances and declared the offer to be an unconditional offer not subject to any minimal level of acceptance.

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