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UK: Alcohol cos’ $2.1B merger delayed pending Indian officials’ approval

By  |  January 7, 2013

According to a source, a mandatory tender offer by drinks group Diageo to buy up to 26 percent of India’s United Spirits is delayed due to a lack of approval by appropriate regulators. Diageo had agreed to buy stake in United Spirits worth $2.1 billion – resulting in a 53.4 percent share holding – which includes the mandatory tender offer. It was expected to open Monday and close on January 18. But according to the source, a new opening date will be set pending approval by the Competition Commission of India as well as the Securities and Exchange Board of India.

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