Effem Holdings Ltd along with Mars Netherland BV has offered a price of Rs 5,323.87 per equity share of the company having a face value of Rs 10 to acquire 6.61 lakh equity share of Tasty Bite Eatables.
Mars Food today announced an open offer of up to Rs 352 crore to acquire 25.77 per cent shares from public shareholders as part of its plan to completely acquire the Pune-based Tasty Bite Eatables.
Earlier this week, Mars said it is buying 74.23 per cent stake of Preferred Brands International in Tasty Bite Eatables for USD 172.82.
Effem Holdings Ltd along with Mars Netherland BV has offered a price of Rs 5,323.87 per equity share of the company having a face value of Rs 10 to acquire 6.61 lakh equity share of Tasty Bite Eatables.
"Assuming full acceptance of the offer, the total consideration payable by the Acquirer in accordance with the Sebi Regulations will be Rs 352.00 crore," Tasty Bite Eatables said in a regulatory filing.
Effem Holdings and Mars Food have appointed Morgan Stanley to manage the open offer, it added.
"The Acquirer will indirectly acquire 19.04 lakh equity shares representing approximately 74.23 per cent of the equity share capital and 59,530 preference shares through the Offshore Parent Company and the Indian Parent Company, on completion of the underlying transaction," the filing said.
Effem Holdings and Mars Food entered into a stock purchase agreement with PBI to acquire 100 per cent of the common stock of PBI and 300 equity shares of held by Kagome.
"As a result of the underlying transaction, the acquirer will directly and indirectly acquire approximately 74.23 per cent of the equity share capital of the target company," it further said.
The offer price has been calculated in accordance with regulation of Sebi, it added.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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