Holcim not to increase open offer price for ACC , India

Holcim not to increase open offer price for ACC , India
Published: 07 February 2005

Holcim is not considering an increase in its open offer price for Associated Cement Companies, said a senior official with DSP Merrill Lynch, which is the advisor to the multinational for its acquisition into Associated Cement Companies Ltd. 

The end of last week saw the stock price of ACC surge beyond Holcim’s open offer price of Rs 370 per share to more than Rs 375 per share, amidst a swirl of speculation. 

One speculation was that Holcim would revise its open offer price, having `undervalued’ ACC, according to a section of the market. 

There was also speculation that there might be a counter-offer round the corner waiting to be made for ACC, perhaps by another multinational-domestic cement major combine. 

"We have offered very good valuation for ACC, the best ever that has been offered in the market in the industry," said Mr Promeet Ghosh, senior Vice-President with DSP Merrill Lynch.