Diageo makes open offer to acquire 26 per cent stake in USL at Rs 3,030 per share. Diageo will own 54.7 per cent stake in USL if the open offer becomes successful.
This open offer is at 18.4 per cent premium to Friday's closing price of Rs 2,557. This open offer is at 38 times USL's EBITDA on a consolidated basis. Total open offer size at Rs 11,450 crore.
The open offer is expected to close between June 11-June 24, 2014. JM Financial and HSBC are the bankers to the deal.
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