Date:29/05/2006 URL: http://www.thehindubusinessline.com/2006/05/29/stories/2006052903160300.htm

Back Arch makes open offer to Merven shareholders

Our Bureau

Hyderabad , May 28

Arch Impex Pvt Ltd, which had earlier acquired Merven Drug Products Ltd, has announced open offer to the shareholders of Merven for the purpose of delisting the latter's shares from the bourses. Yes Bank Ltd has been appointed manager to the open offer.

Arch Impex informed the stock exchanges that it proposes to acquire 3,06,242 equity shares, representing 2.24 per cent of the current paid-up equity share capital of Merven in terms of the delisting procedures set out in the SEBI delisting guidelines.

The acquirer proposes to acquire the shares through a reverse book building process as stipulated under the delisting guidelines.

It has fixed the floor price as Rs 75.15 per equity share of Rs 10 each fully paid-up.

The company said that bids through reverse booking building process for demat shareholders would open on June 5 and close on June 7.

The physical shareholders can tender their shares from June 12 till June 26.