United Spirits open offer postponed

UK group Diageo's mandatory tender offer to buy up to 26 per cent of shares in United Spirits has been postponed as the deal has yet to receive local regulatory approvals.

JM Financial, the manager for the open offer, has said that since the "final observations from Sebi" are awaited, the schedule has been revised. "The revised schedule of activities will be intimated in due course," according to a filing made by United Spirits.

Diageo Plc is to acquire 26 per cent shareholding in United Spirits through the open offer worth Rs 5,441 crore, as part of a deal to buy up to 53.4 per cent stake in the company. As per the Detailed Public Statement (DPS), the open offer was to start on January 7.

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