The securities appellate tribunal (SAT) in an interim ruling has allowed Bayer CropScience AG to proceed with its public offer to the shareholders of Aventis CropScience Holding SA at Rs 157 a share, subject to the condition that the offer price may be subject to revision in case the tribunal directs a revision while disposing off the appeals.
In such a case, Bayer will have to pay the difference in price to the shareholders.
Issuing the interim relief, SAT said that allowing Bayer to proceed in the matter would enable the shareholders, who had tendered their shares in response to the public offer to avail of the benefit, if any