i-flex Solutions Open Offer closed, evokes lukewarm response

DSP Merrill Lynch Ltd ("Manager to the Offer"), on behalf of Oracle Global (Mauritius) Ltd ("Acquirer") along with Oracle Corporation (Person Acting in Concert ("PAC")) has issued this Public Announcement to the Shareholders of i-flex Solutions Ltd (Target Company), which is in continuation of and should be read in conjunction with the Original Public Announcement ("PA") dated September 13, 2006 & the subsequent Public Announcement dated November 06, 2006, November 22, 2006 and December 08, 2006 & Letter of Offer to the shareholders of target Company dated November 23, 2006, in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto (the "SEBI (SAST) Regulations").

The shareholders of the Target Company are requested to kindly note the following:

1. As per the revised schedule of activities informed through the PAs and the Letter of Offer, the said Offer closed on December 23, 2006.

2. As per the information available with the registrar, the response to the Offer is less than the Revised Offer Size of 28,390,000 fully paid-up equity shares of the Target Company. As the number of equity shares tendered in the Offer by the shareholders of the Target Company is less than the Revised Offer size, the Acquirer and the PAC will accept all validly tendered shares in full. However, Acquirer reserves the right to reject in full, applications which are incomplete and / or provide inaccurate information. Acceptance is subject to terms and conditions of the Letter of Offer and the PAs.

3. All other terms and conditions of the Offer as set forth in the above referred PAs and the Letter of Offer remain unchanged.

Source : Equity Bulls

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