SBI Capital Markets Ltd ("Manager to the Offer"), on behalf of Greif International Holding B.V. ("Acquirer") has issued this Public Announcement ("PA"), to the equity shareholders of Balmer Lawrie-Van Leer Ltd ("Target Company"), in respect of the delisting of the fully paid equity shares of the Target Company pursuant to the Securities & Exchange Board of India (Delisting of Securities) Guidelines, 2003 ("Delisting Guidelines").
The Acquirer seek to acquire 31,12,053 shares representing 19.76% of the paid up equity share capital of the Company from the public shareholders and propose to apply for delisting of equity shares from the Bombay Stock Exchange Ltd ("BSE") where the equity shares of the Company are listed, pursuant to the Delisting Guidelines (the "Delisting Offer").
A special resolution has been passed by the Shareholders of the Target Company at the Annual General Meeting of the Company held on September 28, 2007, approving the delisting of the Company’s equity shares pursuant to the Delisting Guidelines.
According to Clause 8.2 of the Delisting Guidelines, the Floor price will be the average of the 26 weeks high & Low of the closing price preceding the date of PA, which is Rs 46/- per Share.
The Acquirer shall announce the Discovered Price, the Exit Price and its decision to reject or to accept the discovered price and / or the Exit Price as applicable, in accordance with the timetable set out in this PA.
Schedule of Activities:
Public Announcement - December 03, 2007
Bid Opening Date (10.00 am) - December 14, 2007
Bid Closing Date (3.00 pm) - December 20, 2007
Announcement of Discovered Price / Exit Price and the Acquirer''s Acceptance/Non Acceptance of Discovered Price / Exit Price - December 26, 2007
Final Settlement Date (Shares in Dematerialised form)# - December 27, 2007
Period for Shareholders holding Physical Share Certificates to tender their Shares - December 28, 2007 to January 11, 2008
Final Settlement Date (for Shares in Physical Form) - January 25, 2008
#Subject to the acceptance of the Discovered Price or Offer of an Exit Price, higher than the Discovered Price by the Acquirer.