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Stock Report
DHL rejects Blue Dart Express' discovered Delisting Offer price of Rs.950
Posted On : 2006-11-13 04:43:29( TIMEZONE : IST )
Ambit Corporate Finance Pvt Ltd ("Manager to the Offer"), on behalf of DHL Express Singapore Pvt Ltd ("Acquirer") has issued this Public Announcement ("PA") in respect to the proposed delisting of the fully paid up equity shares of Blue Dart Express Ltd ("Target Company"), pursuant to the securities and Exchange Board of India (Delisting of Securities) Guidelines 2003 ("Guidelines") ("Delisting Proposal" / "Offer").
The shareholders of the Target Company are requested to note the following:
1. The Acquirer made a PA on October 23, 2006, making an Offer to the public shareholders of the Target Company being all shareholders other than the Acquirer (the “Public shareholders”), in terms of the Guidelines. The Public Shareholders currently hold 45,00,047 equity shares of the Target Company aggregating 18.97%. The Shares of the Company are currently listed on Bombay Stock Exchange Ltd (“BSE”) and The National Stock Exchange of India Ltd. (“NSE”).
2. The Reverse Book Building process during which Shareholders tendered their Shares to the Acquirer commenced on November 6, 2006 and closed on November 10, 2006. (“Bid Period’).
3. The Discovered Price determined from the Reverse Book Building process as per the Guidelines is Rs 950 per share.
4. As per the Guidelines and as mentioned in Section 10.2 of the Public Announcement, the Acquirer is under no obligation to accept the Discovered Price.
5. Accordingly, the Acquirer has decided not to accept the Discovered price and is under no obligation to acquire any Shares tendered and the Delisting Proposal will not be proceeded with. The Target Company will continue to remain listed as there is no regulatory compulsion on the Acquirer to either delist or reduce its shareholding from the current levels.
6. The shares deposited in the Special Depository Account of the Trading Members during the Reverse Book Building process will be returned to the relevant Shareholders in terms of the Guidelines.
