Walt Disney Co has announced that it will launch an open offer January 16-20 for the shares it does not already own in Indian entertainment company UTV Software Communications Ltd.The U.S. company, which controls 50.4 percent of UTV, said in a newspaper advertisement it would pay 835.03 to 1,000 rupees a share for delisting the company.
At the top end the offer represents a premium of 1.6 percent to UTV’s closing price on Tuesday and would cost Disney about U.S $384 million for the buyout.
Shares in UTV, valued at U.S $761 million, were trading up 1 percent at 993.65 rupees in a weak Mumbai market.Disney had said in July it plans to delist UTV, a provider of television and film content.
