Tide Water jumps on "suprise" offer

Tide Water Oil (India) is showing a lot of activity today with the stock currently up over 3% at Rs.17,572.Its intra day high crossed Rs.18,000 to hit Rs.18,300. Its 52-week high is at Rs.19,700.

This PSU lubricant maker came out with a surprise open offer as it received a takeover call from a private company, Standard Greases and Specialties which wants to establish itself as a promoter of the company.

Standard Greases and Specialties, in concert with Tata Capital and one more company have announced an offer to acquire a 26% stake in the company.

The open offer has been priced much lower than the current market price at Rs.16,632/share.

This company, Standard Greases and Specialties already holds a 23.24% stake in Tide Water, while Janus Consolidated Finance Private Ltd, person acting in concert, holds 1.69%. Andrew Yule is the current promoter with a 26.22% stake, while LUC holds 4.22% and United India Insurance holds 6.88%. Tide Water Oil's employee welfare trust owns 2.6% of the company.