Mars Food, along with associate companies, has made an open offer to acquire 25.77% stake from public shareholders in Tasty Bite Eatables Ltd. at ₹5,323.87 per equity share amounting to ₹352 crore. A public announcement has been made to this effect.
The company, which has made the offer to acquire 6,61,190 equity shares, had on Monday agreed to acquire Preferred Brand International Inc. which owns 74.23% stake In Tasty Bite Eatables.
The mandatory open offer for the public shareholders of Tasty Bite Eatables has been made as per SEBI’s takeover code.
While Tasty Bite is headquartered in Pune, its parent Preferred Brand is based in Stamford in the United States. Shares of Tasty Bite Eatables on Wednesday rose 2.34% to close at ₹5,778.20 on the BSE after touching a 52-week high of ₹6,137.
A year ago, the company’s shares were priced at ₹2,800.
For the year 2016-17, the company, which manufactures Asian ready-to-cook food for the domestic and international markets, reported a net profit of ₹22.76 crore on sales turnover of ₹252.27 crore.
