Disney to buy UTV scrip at or below Rs 1,100 apiece

Media and entertainment company UTV Software Communications on Thursday said it had fixed the exit price for shareholders at Rs 1,100 a share as part of its complete acquisition by US-based Walt Disney.

In a filing to the Bombay Stock Exchange (BSE), the company said Walt Disney would start the process to delist UTV shares from the stock exchanges after February 6.

“The acquirer (Walt Disney Company Southeast Asia Pte Ltd) has accepted the discovered price of Rs 1,100 a share and shall acquire all shares tendered through valid bids at or below the exit price,” the filing said.

In July last year, UTV Software Communications had announced Walt Disney has offered to buy out stakes held by public shareholders and other promoters of the company, in a deal valued around Rs 2,000 crore.

In December 2011, the Cabinet Committee on Economic Affairs approved the deal.

UTV further said Walt Disney’s stake would exceed 90 per cent of UTV’s share capital if it accepted these shares.

The company had made an offer to public shareholders, who held 29.96 per cent stake in the company, to make their bids to fix the exit price.