Walt Disney open offer for UTV on Jan 16
Walt Disney Co (DIS.N) said on Wednesday it would launch an open offer January 16-20 for the shares it does not already own in Indian entertainment company UTV Software Communications Ltd.
- (1888PressRelease) December 29, 2011 - 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 $384 million for the buyout.
Shares in UTV, valued at $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.
Source: Reuters
About Walt Disney
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments; media networks, parks and resorts, studio entertainment, interactive media and consumer products and is a Dow 30 company with revenues of approximately US Dollars 40.9 billion in its fiscal year 2011.
About UTV Software Communications
UTV Software Communications is primarily engaged in the businesses of television broadcasting, games for console, mobile and online platforms, motion picture production and distribution, interactive digital content and television programming production and airtime sales. The Company produces and distributes channels targeted at specific audiences, including UTV Bindass, UTV Action, UTV Movies and UTV Stars.
The Company's motion picture studio produces, markets and distributes and syndicates its films worldwide. The Company's original business, television programming, produces content for the UTV broadcast channels as well as third party channels. Through its subsidiaries Ignition Entertainment Ltd. and Indiagames Ltd., the Company develops and publishes online, social, mobile and console games. The Company's interactive division produces applications and develops content for mobile, online and other digital platforms. The company has annual revenue of 9.5 billion rupees in its fiscal year ended March 2011.
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