Shareholders of the Anglo-Dutch steel maker will meet to decide on Tata Steel's takeover bid, following which the deal is expected to become effective on April 2.
LONDON: Shareholders of Anglo-Dutch steel maker Corus will meet on March 7 to decide on Tata Steel's takeover bid of 608 pence a share, following which the deal is expected to become effective on April 2.
Corus, which agreed to a revised bid from Tata Steel after a bidding war with Brazil's CSN in a regulators-convened auction late last month, said in a regulatory filing here yesterday that it has convened an extraordinary general meeting of its shareholders on March 7 to consider the offer.
After Tata Steel announced its revised offer for Corus on January 31, the company said in a statement that its board of directors intended to recommend unanimously that the company shareholders vote in favour of the offer.
Corus said on Monday that the scheme of arrangement related to Tatas' acquisition offer would be put for consideration at a reconvened Court Meeting at 10.00 am on March 7 as well as an EGM on the same day at 10.15 am or "as soon thereafter as the Court Meeting is concluded or adjourned".
The company said the anticipated date for the Court hearing to sanction the scheme is March 27, while it expects dealings in Corus shares to be suspended on the London Stock Exchange and the Amsterdam Stock Exchange and dealings in Corus ADSs suspended on New York Stock Exchange from March 29.
The effective date of the scheme is anticipated on April 2, the company said.
Tata Steel had announced on February 7 that it intended to despatch the consideration pursuant to the Scheme as soon as practicable following the effective date and, if practicable, on the effective date.
Tata Steel is required under the terms of the Scheme to despatch the consideration pursuant to the scheme not more than 14 days after the effective date.
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