TransWorks completes bid for Minacs
Aditya Birla Nuvo Ltd on Monday said its group company, TransWorks Information Services Ltd has successfully completed the bid for Minacs Worldwide Inc.
By PTI |
MUMBAI: Aditya Birla Nuvo Ltd on Monday said its group company, TransWorks Information Services Ltd has
successfully completed the bid for Minacs Worldwide Inc.
successfully completed the bid for Minacs Worldwide Inc.
TransWorks Information Services on August 18 announced the successful completion of its bid for Minacs Worldwide through a wholly-owned subsidiary, AV TransWorks Ltd, Aditya Birla Nuvo informed the Bombay Stock Exchange.
"TransWorks looks forward to the great opportunities that exist for the integration of the businesses of TransWorks and Minacs and is eager to work with management and employees to build upon Minacs' strong customer relationships and outstanding growth opportunities," Group Executive President of Aditya Birla Group Dev Bhattacharya said.
Approximately 2.08 crore common shares of Minacs, representing around 91.08 per cent of the common shares on a fully-diluted basis, were tendered to the offer, it added.
Persuant to the taking up of common shares tendered to the offer, TransWorks would indirectly own around 91.91 per cent of the issued and outstanding common shares.
Payment to the shareholders who deposited their shares would be made by the depositary as soon as reasonably practicable, it said.
TransWorks intends to exercise its right to acquire the remaining outstanding common shares of Minacs pursuant to a compulsory acquisition under the Business Corporations Act(Ontario) and expects to complete that compulsory acquisition as soon as reasonably practicable.
The shares would be de-listed from the Toronto Stock Exchange upon completion of the compulsory acquisition.
Aditya Birla Nuvo is the diversified conglomerate of Aditya Birla Group.
The shares of Aditya Birla Nuvo were trading at Rs 816, up 1.87 per cent on the BSE.
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