Advent Intl rejects discovered price for delisting of DFM Foods' shares

Advent International on December 21 rejected the discovered price for the delisting of shares of Indian snack food company DFM Foods  Ltd. The discovered price, calculated through the reverse book building process, came at Rs 525 a share.

Advent Intl has now made a counteroffer to buy each share at Rs 467 to acquire a 26.3 percent stake in the company for which the tender window may open from December 30 to January 5.

Price discovery is the process of determining the price of an asset or a commodity in the marketplace

Initially, Advent had announced a floor price of Rs 263.80 for the deal for which the issue period was between December 13 and December 19. Now that the acquirer has rejected the discovered price, shares will be released in the respective demat accounts of the public shareholders.