Sept 13, 2010 (LBO) - A bidding war for a listed Sri Lanka shell company, Watapota Investment, part of the Carsons Cumberbatch group, has intensified with the firm saying a fourth offer at a higher price has been made.
Watapota Investment said in a stock exchange filing that Carsons has got another offer from a client of Acuity Stockbrokers to buy their entire shareholding in the shell company at 89.40 rupees a share.
The Board of Carsons is evaluating the new offer.
Watapota Investment, in which Carsons has a 86.7 percent stake, has no revenue earnings business and only some cash assets.
The firm's minority shares are illiquid and last traded in the secondary market at 1,650 rupees a share.
The first offer for Watapota Investment was made by Capital Alliance Holdings, another investment firm, for 40.60 rupees a share.
The offer was topped by one from a client of IIFL Securities, a newly established brokerage connected with India Infoline, to buy Carsons' entire stake in Watapota at 81.20 rupees a share.
The third offer came from K C Vignarajah, a high-net-worth investor, to buy a 57 percent stake of Carsons' holding at 83 rupees a share.
source - www.lbo.lk
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