Sri Lanka, Jan. 15 -- Lanka Realty Investments PLC (LRI) has formally announced a mandatory offer to acquire the remaining 28.9 percent stake in Lee Hedges PLC, following its acquisition of a controlling interest in the company earlier this month.
The offer, extended to the holders of 7,396,451 ordinary voting shares, is priced at Rs.216.00 per share-the same price at which LRI and its acting-in-concert party Eighth Wonder secured their combined 71.11 percent stake on January 8.
According to the offer document filed with the Colombo Stock Exchange, the offer is "unconditional as to acceptance" from the outset. Under the Takeovers and Mergers Code, an offer becomes unconditional when the acquirer secures more than 50 percent of the voting ...