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News Corp makes an open offer for Hughes Software
By siliconindia
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Monday, 14 July 2003, 19:30 IST
MUMBAI: News Corporation will make an open offer to buy a 20% stake of Indian telecommunications software maker Hughes Software Systems Ltd. The offer is to acquire 6.73 million shares at Rs 232 per share, the Bombay Stock Exchange (BSE) said on Monday.
According to the BSE, News Corp will make the offer together with three of Hughes associate companiesHughes Network Systems India, Hughes Electronics Corporation and HNS Mauritius Holdings. They have proposed to buy up to 6.73 million shares. The offer will open on August 20 and close on September 18.
Hughes Network Systems now holds 55.44 per cent of the Indian software services company.
News Corporation proposes to take over Hughes Electronics and its satellite television business DirecTV and hopes to close the deal by the end of this year.
The Indian open offer is in line with the takeover regulations, which require that shareholders be given an opportunity to exit the company when there is a change in management control.