Disney set for Indian acquisition as UTV is delisted
Rebecca Hawkes ©RapidTVNews | 03-01-2012
The delisting copy for Walt Disney to acquire over 12 million publically held shares for Indian media conglomerate UTV Software Communications has been submitted by Morgan Stanley.
Walt Disney's offer to buy the 49.56% stake it does not already own in the company for INR 835.03 – 1,000 per share will be open until 20 January.
The US giant's intention to take control of UTV Software in its entirety became public news in July 2011.
Disney currently holds 20,497,994 shares in UTV; equating to 50.44% of the company. It expects to acquire a stake of 80.25% following the delisting.
A 19.82% stake in UTV is currently held by promoter Ronnie Screwvala and Zarina Mehta. The Ronnie Screwvala group is expected to retain the remaining equity in UTV following the Disney acquisition.