United Spirits stock surges 15% on Diageo's open offer

Shares of United Spirits today jumped 15 per cent during the morning trade after liquor major Diageo Plc made an open offer worth Rs 11,448.91 crore to acquire an additional 26 per cent stake in the company.
Reacting to this, USL's scrip rose sharply by 15 per cent to touch its one-year high of Rs 2,940.55 on the BSE.
On the NSE, the stock zoomed 14.99 per cent to Rs 2,940.80 - its 52-week high.
The company has launched a tender offer to the public shareholders of USL to acquire up to 37,785,214 shares, representing 26 per cent of USL's fully diluted issued share capital as on today, Diageo Plc said in a statement.

"The tender offer will be at a price of Rs 3,030 per share and the total consideration for the increased stake (assuming take-up in full at the announced price) will be Rs 114,489,198,420," it added.
Diageo will fund the consideration payable under the tender offer through existing cash resources and debt.