Yokogawa Electic Corporation announces buy back of remaining share capital at Rs.380

Yokogawa India Ltd has announced that Yokogawa Electric Corporation (YEC), Japan, holding 83.19% shares in the Company has proposed to acquire the remaining 16.81% shares held by the public in accordance with the SEBI Delisting guidelines and delist the Company thereafter. This proposal has been sent to the Board of the Company for its consideration / recommendation for delisting. A Public Announcement of the delisting proposal including details of the process of acquiring will be made after the Company's shareholders meeting.

Principle features of the acquisition process to be conducted in accordance with the SEBI guidelines are:

Shareholders may tender shares at any price at or above the 'Floor Price' (i.e. 26 weeks average of the traded price), arrived at in terms of Delisting guidelines which is approximately Rs 320. YEC is prepared to acquired the shares tendered to it at a maximum price of Rs 380 per share, subject to all regulatory and shareholders approval being obtained for the Delisting process. This is about 18% premium to the "26 weeks average price up to 15th of December". YEC reserves the right not to acquire the shares tendered if the exit price determined in accordance with the Guidelines is more than Rs 380 per share.

Source : Equity Bulls

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