Mallya, Poddar Join Hands, Make Counter Offer for MCF
The battle to acquire controlling stake in Mangalore Chemicals & Fertilizers (MCF) intensified on Tuesday with Saroj Poddar-controlled Adventz Group joining hands with Vijay Mallya-owned UB group to make a counter offer at a higher price than that offered by Deepak Fertilisers. Adventz and UB made a combined offer to buy 26% stake in MCF at .` 68.55 per share. While Adventz group company Zuari Fertilisers & Chemicals holds 16.43% stake in Mangalore Chemicals, promoter United Breweries (UB) group has 21.98%. “With the Adventz and UB group entering into an agreement late Monday evening to join hands, the combined stake of both companies became more than the required 25% stake to make an open offer. The duo’s combined holding of 38.41% plus management control (with UB) clearly gives Adventz and UB group an edge over Deepak Fertilisers,” said analysts closely tracking the company. The combined offer follows Deepak Fertilisers’ open offer announcement last month to buy 26% stake at .` 61.75 per share. The company subsequently revised the offer price to .` 63 per share, the highest price at which it had acquired shares from the open market to raise its stake to 25.31% from 24.46%. Deepak Fertilisers is likely to come out with a strategy to counter the offer in the coming days. “The offer has just been announced, we shall take necessary steps after consulting our investment bankers,” said a spokesperson for Deepak Fertilisers.