Amid a prolonged takeover battle for Mangalore Chemicals and Fertilizers Ltd (MCFL), the fertilizer firm’s two investors, including Morgan Stanley, have tendered shares to the tune of 2.6 per cent stake in the company to Deepak Fertilisers.
The takeover battle for MCFL, which is going on for quite sometime, further intensified last month after Deepak Fertilisers raised its open offer price to Rs.93.60 a share. Hours after that, rival Zuari group, in association with MCFL’s original promoters UB group, revised its open offer price to Rs.81.60 a share.
October 20 is the last day for open offers of both companies.
The Karnataka State Co-operative Marketing Federation, which is the third largest non-promoter shareholder after Deepak and Zuari with 27.07 lakh shares equivalent to 2.28 per cent stake in the company, has decided to tender its shares to Deepak Fertilisers, according to sources.
Another institution Morgan Stanley, which now holds about 4.50 lakh shares in the company, has also decided to tender its shares to Deepak Fertilisers, sources added.
