Walt Disney to launch delisting offer for UTV on 16 Jan

MUMBAI: Morgan Stanley has submitted the delisting copy where Walt Disney intends to acquire 12,215,776 equity shares from the public shareholders of UTV Software Communications.

The Walt Disney Company has offered to pay Rs 835.03-1,000 per share to the shareholders to buy the remaining 49.56 per cent of UTV, which it does not already own. The offer will be open till 20 January.

Disney currently owns 20,497,994 equity shares (50.44 per cent stake) of UTV Software. In July 2011, The Walt Disney Company had conveyed its intention to take full control of UTV Software Communications.

Ronnie Screwvala and Zarina Mehta together hold 8,053,480 equity shares, equivalent to 19.82 per cent stake in the company taking the aggregate promoter holding in the company to 70.26 per cent of its current paid up equity share capital.

Post delisting, Disney expects to hold 80.25 per cent stake in the company, if it successfully acquires the shares of all public stakeholders. The remaining equity, meanwhile, will be held by UTV?s promoter group - Ronnie Screwvala.