S&N makes open offer for UB stake

DSP Merrill Lynch on behalf of Scottish & Newcastle India (SNIL) along with Scottish & Newcastle Plc have made an open offer to acquire 20% (43,20,025 shares) of United Breweries at Rs 575 per share.

According to a release issued to the BSE today, "SNIL is making an open offer in terms of the SEBI (SAST) regulations, 1997, and the offer is payable in cash subject to the terms and conditions mentioned."

The offer is not conditional on any minimum level of acceptance by the shareholders, the release added.

The specified date for the offer is January 21, 2005. The offer will open on February 02, 2005 and will close on February 21, 2005, the release said.