Mysore Cements Updates on Open Offer

Ambit Corporate Finance Pvt Ltd ("Manager to the Offer ") on behalf of Cementrum I.B.V. ("Acquirer") and HeidelbergCement AG ("Person Acting in Concert" / "PAC") has issued this Second Corrigendum to the Public Announcement to the shareholders of Mysore Cements Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated July 21, 2006, the Revised Public Announcement on August 18, 2006 and the Corrigendum to the Public Announcement on September 05, 2006. The shareholders of the Target Company may please note the following:

SEBI vide letter dated November 30, 2006, (the "SEBI Observation Letter") has issued its observations in terms of the proviso to Regulation 18(1) of the SEBI Takeover Code on the draft Letter of Offer submitted to SEBI on August 04, 2006, inter alia stating as follows:

"In the facts of the instant case, the payment of non compete fee to the selling promoters does not appear to be justified and thus you are advised to revise the offer price after including the payment of non compete fee (per share) in the negotiated price (per share), as the negotiated price is highest among all the parameters under Regulation 20. Accordingly, suitably carry out the consequential changes in the letter of offer".

The Acquirer, being aggrieved with the above direction, is preferring an appeal before the Securities Appellate Tribunal seeking to set aside the above direction contained in the SEBI Observation Letter.

Further developments in the matter would be announced by way of an announcement in the newspapers.

Source : Equity Bulls

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