LONDON (Alliance News) - Volcan Investments Ltd on Thursday said it will make a compulsory acquisition of all shares in Vedanta Resources PLC from holders who have not accepted its takeover offer.
Volcan had announced that its USD10.89 per share offer had been made unconditional on September 3, with Vedanta applying to de-list its shares on Monday next week. Following the de-listing, Vedanta will re-register as a private limited company.
The recommended offer has acceptances from 92% of shares, 97% factoring Volcan's own holding, and remains open until further notice. While the remaining 3% of shares have been urged to submit acceptances, a compulsory purchase is to take place regardless six weeks after notice is sent.
Shareholders who have submitted valid acceptances will receive payment within 14 days of their acceptance, while the remaining 3% will need to write to Vedanta and request what they are owed.
Shares in Vedanta were up 0.6% at 830.00 pence on Thursday.