Ruia family working on improved offer for Essar Energy; offer deadline is 14 March
The Ruia family are working on an improved offer for the 22% of Essar Energy that they do not already own, The Times reported. The newspaper cited sources familiar with the family’s plans who said the Ruias face a deadline of 14 March to submit the offer.
Essar Energy’s board last week rejected the initial offer, which valued the remaining shares at 70p each, the item noted.
It is believed that Essar Energy’s minority shareholders want a minimum of 97p per share for their stake, the article said. An offer at that price would value the UK-listed integrated energy group at over GBP 1.2bn (EUR 1.45bn), according to the report.
As previously reported, the Ruias are bidding via their Essar Global Fund Limited vehicle. Clifford Chance, VTB and Barclays are advising the Ruia family, the item added.
Essar Energy’s share price closed 0.5p down at 68.0p in London on Friday, 1 March, giving the company a market capitalisation of GBP 886m.
Source The Times