There is a curious M&A situation that’s developed over the weekend. Reliance’s interest in Fame has only strengthened and what was at one time just a proposal – verbal one at that too – has now become a concrete open offer at a substantial premium to the price that Inox paid for the very same transaction. Inox paid Rs 51 a share – the Anil Dhirubhai Ambani Group (ADAG) is willing to put Rs 83 a share on the table.
The only curious part of this transaction is that the ADAG is doing an open offer for 62% whereas 51% of this company is already owned by the Inox group.
Tuesday, February 23, 2010
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