UK confectionery and drinks giant Cadbury Schweppes will not be revising its public offer price of Rs500 (US$10.28) per share to increase its holding in Cadbury India to 100%, an offer that will close on 22 February.
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The last date for revising the offer price was 13 February.
In a press release, the company explained that: “The present offer by Schweppes is part of the global policy to hold 100% in all its subsidiaries worldwide.
“Moreover, the shares of Cadbury India are not very actively traded and demonstrate limited liquidity.”
“The offer price […] is at 23% premium as compared to the 26-week average of the closing high-low price quoted on the National Stock Exchange. The offer is not subject to any minimum level of acceptance.”
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By GlobalDataCadbury Schweppes, together with Cadbury Schweppes Overseas Ltd and Cadbury Schweppes Mauritius Ltd had made a voluntary offer to acquire the 174.98 million shares in Cadbury India, amounting to a 49% stake.
