Heidelberg may have to up Mysore Cement offer

Heidelberg may have to up Mysore Cement offer
Published: 05 December 2006

Market regulator Securities & Exchange Board of India will ask German cement maker Heidelberg Cement AG  to increase its open offer price to shareholders of Mysore Cement Ltd by 25%, the Business Standard newspaper reported, citing sources. 
 
Heidelberg will be asked to pay shareholders INR72.50, the price the German company paid the S.K. Birla group, founders of Mysore Cements, to buy a 51% stake, the report quoted sources as saying. 
 
The original open offer, priced at INR58 per share, was scheduled to open Sept. 6 and close Sept. 25, the report said.