Pioneer Distilleries has locked in 5% upper circuit of Rs 41.55 after British liquor giant Diageo Plc made an open offer to acquire 18.4% stake in the company at a price of Rs 60 per share. The open offer price is almost 60% higher than Thursday’s closing price of Rs 37.75 on the BSE.
On Friday, after market hours, Diageo Plc have made open offer to the public shareholder of Pioneer Distilleries to acquire up to 2.47 million shares, constituting the remaining 18.4% of the voting share capital of the company at a price of Rs 60 per share.
“The open offer is made by Diageo Plc through Relay B.V. together with Diageo plc, Diageo Finance plc, Diageo Capital plc and Tanqueray Gordon and Company Limited as the persons acting in concert,” JM Financial Institutional Securities, the manger to the open offer said in a filing on behalf of Pioneer Distilleries.
On Friday, Diageo has agreed to buy 27.4% in the Vijay Mallya-owned liquor company United Spirits Limited (USL) and made an open offer to acquire 26% shares held by the public at price of Rs 1,440 per share.
USL presently holds 10.92 million equity shares representing 81.6% of the voting capital of Pioneer Distilleries.
A combined 603 shares have changed hands on the counter and there are pending buy orders for 1.67 million shares on the BSE and NSE at 1155 hours.