HP hikes Digital buyback offer to 850

Thursday, 29 January 2004, 08:00 Hrs
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BANGALORE: Hewlett-Packard has hiked its offer price to 850 for buyback of Digital GlobalSoft shares from institutional and retail investors.

In a communication to stock exchanges, the Bangalore-based HP's subsidiary has disclosed the offer price had been increased by 100 from 750 a share pursuant to the conclusion of the reverse book building process conducted last week.

"The exit price established by the book building process was 850 per share in accordance with the price at which the largest number of shares was tendered," the company said in a statement released here Wednesday.

The acquirer (HP Leiden BV) has announced it has accepted the exit price and will acquire all the shares tendered at or below the exit price. The cost of acquiring the 49.4 percent shares is estimated to be 14.18 billion.

Minority shareholders of the company vehemently protested against the de-listing of Digital shares from Indian stock exchanges at an extraordinary general meeting early this month.

The company, however, went ahead with the book building process after securing approval of majority shareholders with a wide margin.

While 99.71 percent of votes were cast in favour of the special resolution at the meeting, only 0.29 percent of votes were polled against it.

Source: IANS
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