Unilever (UL) Plans to Boost Stake in Hindustan Unilever Ltd.
Unilever plc (NYSE: UL) announced that the voluntary open offer to increase its stake in Hindustan Unilever Limited ("HUL") from 52.48% to up to 75% (the "Open Offer") will commence on 21 June 2013. The Open Offer period will end on 4 July 2013.
There has been no revision to the Open Offer price of INR 600 (Indian Rupees six hundred only) per share previously announced and, as published by HUL on 19 June 2013, the independent committee of Directors of HUL has recommended that the Open Offer is fair and reasonable.
Subject to approval of the final dividend of INR 6 (Indian Rupees six only) per share recommended by the Board of Directors of HUL for the financial year ended 31 March 2013 at HUL's annual general meeting on 26 July 2013, shareholders of HUL who tender their shares in the Open Offer will be entitled to receive the final dividend from HUL in respect of the shares tendered by them. For further details, shareholders of HUL should refer to paragraph 6 of the Letter of Offer.The details of the Open Offer can be found in the Letter of Offer sent to public shareholders of HUL and a copy of the Letter of Offer is also available at www.sebi.gov.in.
HUL's shares are traded on the BSE Ltd (Scrip Code: 500696) and on the National Stock Exchange of India Limited (Symbol: HINDUNILVR).
The Open Offer is being managed by HSBC Securities and Capital Markets (India) Private Limited.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW *NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here begin ad tag (tile=12) -- End ad tag --