Siemens AG to pay interest on original open offer for Bayer Diagnostics
27 Mar 2007
Mumbai:
Siemens AG has rescheduled its open offer of Rs19.70
crore to the shareholders to acquire 20 per cent stake
in Bayer Diagnostics India Ltd. Siemens will pay interest
over the original offer of Rs629.45 to compensate for
the delay in implementing the open offer, which was
scheduled to be completed by September 2006.
Siemens would pay an interest of Rs38.63 per share taking its total payment to Rs21.53 crore for the offer, the company informed the Bombay Stock Exchange. The open offer is part of Siemens'' takeover deal for Bayer''s global diagnostics business. (See: Bayer divests diagnostics to Siemens, eases impact of Schering acquisition)
A
total payment of Rs668.08, comprising of Rs629.45 as
the offer price and Rs38.63 as interest due to delay,
will be thus made for each fully paid up equity share
of Bayer Diagnostics India already tendered and accepted
under the offer.
The offer would now open on April 6 and close on April 25, it said. The interest was computed at the rate of 10 per cent per annum for the period from September 29, 2006, the original scheduled date of payment of consideration to May 10, the revised scheduled date of payment of consideration (both days inclusive), it said. The other terms and conditions of the offer remain unchanged.
As
per the open offer Siemens AG, would acquire up to 3.13
lakh equity shares of Rs 10 each representing up to
20 per cent of the outstanding voting equity share capital
of Bayer Diagnostics.