Wednesday, September 28, 2011

PCH mandatory offer for OGL not accepted

The mandatory offer extended by S.H. M Rishan and PCH Holdings for the remaining shares of Orient Garments PLC (OGL) concluded yesterday with no shareholders acceptance.

Currently Rishan and PCH hold 29.95% and 21.05% of OGL respectively.

As reported by the Mirror Business yesterday, majority of the valuation methods utilized by the independent advisor concluded that the offer price of Rs.28 was not attractive. However they also said that according to the net assets of OGL, the offer price was at a significant premium.

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