Tata Steel revises offer price for Acquisition of Corus

With reference to the earlier announcement dated October 20, 2006 wherein the Board of Directors of the Company at its meeting held on October 20, 2006 had approved acquisition of the entire issued share capital of Corus Group plc ("Corus") ("Acquisition"), at a price of 455 pence in cash for each share valuing Corus at GBP 4.3 billion, Tata Steel Ltd has now announced that:

1. The Company is agreed to an increased recommended Acquisition (the "Revised Acquisition") at a price of 500 pence in cash per Corus Share.

2. Under the terms of the Revised Acquisition, Corus Shareholders will be entitled to receive 500 pence in cash for each Corus Shares (the "Revised Price").

3. The terms of the Revised Acquisition value the entire existing issued and to be issued share capital of Corus at approximately £4.7 billion.

Source : Equity Bulls

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