UK Takeover Panel sets January 30 deadline for Corus offer
By Our Corporate Bureau | 19 Dec 2006
Mumbai: The UK Takeover Panel has set a January 30 deadline for Tata Steel and CSN to submit their revised offers for steel maker Corus, the subject of a takeover battle between the two. In a regulatory filing with the London Stock Exchange the panel said it would initiate auction procedures if the competitive situation continues. Both the parties have accepted the ruling and the panel would determine the terms of the auction, it added.
Should a "competitive situation" continue to exist shortly before January 30, the panel may require "any revised offers to be published in accordance with an auction procedure", the panel stated.
Brazil's CSN raised its offer for Corus on December 11, to 515 pence a share - three per cent above the 500 pence offered by Tata Steel. Tata initially offered 455 pence a share on October 20, and CSN topped that on November 17.
Corus last week accepted terms of a 515 pence a share offer bid from CSN, which launched its bid hours after Tata Steel had raised its own offer from £4.3billion to £4.7billion.