Network 18 takes over TIFC
Mandatory bid accepted by boardNEW DELHI -- Network18 Holdings completed its takeover of the Indian Film Co., begun last month when Network18 raised its stake to 35.99%.
Network18 said in an announcement Thursday that under the U.K. Takeover Code, the company's backers also made a mandatory bid for all remaining shares not owned by Network18 Group for 40 pence per share, following an offer document dated Aug. 3.
The board of Network18 Holdings has received valid acceptances of the offer for 14.2% or 7.8 million shares of TIFC, which will take Network18 Group's stake to 50.2%, or 27.6 million shares. Network18 said the condition to the mandatory offer has now been satisfied and the offer has become unconditional to acceptances.
"The offer will remain open for acceptance until further notice. IFC shareholders who wish to accept the offer but have not yet done so are urged to submit their acceptance as soon as possible," Network18 said in a statement.
Among TIFC's upcoming projects is a co-production with U.K.-based director Gurinder Chadha for her next film "It's A Wonderful After-Life."