Network18 gets independent directors’ approval for open offer

MUMBAI: A day after TV18 got the nod by the Committee of Independent Directors (IDC) for the open price offer, now even Network18 Media and Investments has got the approval from the IDC for the open price offer made by the Independent Media Trust (IMT).


The green signal for the open price offer was given by IDC chairman Manoj Mohanka and its member Hari S Bhartia.


The offer was made by IMT along with Reliance Industries (PAC1) and Reliance Industrial Investments and Holdings (PAC2) to the public shareholders of Network18 to acquire up to 22,99,46,996 equity shares at a price of Rs 41.04 per share. The manager to the offer is JM Financial Institutional Securities. 


The announcement was made through a statement on BSE. “IDC believes that the open offer is fair and reasonable and in line with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011," says the statement submitted to the BSE.


The approval for the open offer was made after the IDC reviewed (a) the public announcement in connection with the offer dated 29 May 2014 issued on behalf of IMT and the PAC’s public announcement; (b) the detailed public statement in connection with the offer published on behalf of IMT and PAC’s on 5 June 2014 and (c) the draft letter of offer (DLOF) dated 11 June 2014.


The offer price, according to the IDC, is higher than the volume weighted average price of the equity shares for a period of 60 trading days immediately preceding the date of public announcement. The IDC also sought external financial advice from Price Waterhouse & Co which advised that as of 29 May 2014, the offer price pursuant to the offer is fair and reasonable from the financial point of view.

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