Tide Water hits a life time high

Tide Water Oil has been hitting a new life time almost every day for the past few days. Today also it hit a new high at Rs.33269. It has come off this high level is now at Rs.32480 levels.

The company closed its open offer on 30th Dec. As we all know, the company is facing a hostile takeover bid from one of its suppliers - Standard Greases and Specialities. This company, along with Janus Consolidated Finance, Singapore’s Alpha TC Holdings and Tata Capital Growth Fund I, announced an open offer to buy up to 26% stake or 2.26 lakh shares in the company. Standard Greases already holds about 25% in the firm.

And as per the update on the offer, what we learn is that instead of acquiring 26%, it managed to get 4.45% only through the open offer. Thus while its offer was to acquire 2,26,512 shares, it managed to get offers for only 38,765 shares.

If one may recollect, the Finance Ministry had intervened in this takeover bid, asking LIC and United India Insurance, each holding 4.22% and 6.88% respectively to not to participate in the open offer.