Walt Disney open offer for UTV on Jan 16

Walt Disney Co said on Wednesday it would launch an open offer January 16-20 for the shares it does not already own in Indian entertainment company UTV Software Communications Ltd.

December 28, 2011 / 13:25 IST

Walt Disney Co said on Wednesday it would launch an open offer January 16-20 for the shares it does not already own in Indian entertainment company UTV Software Communications Ltd.

The US company, which controls 50.4% of UTV, said in a newspaper advertisement it would pay 835.03 to 1,000 rupees a share for delisting the company.

At the top end the offer represents a premium of 1.6% to UTV's closing price on Tuesday and would cost Disney about USD 384 million for the buyout.

Shares in UTV, valued at USD 761 million, were trading up 1% at 993.65 rupees in a weak Mumbai market.

Disney had said in July it plans to delist UTV, a provider of television and film content.

first published: Dec 28, 2011 11:26 am

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