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| Exchange Disseminated Time | With reference to the earlier Announcement regarding Open offer for acquisition of up to 1,419,405 (Fourteen lakh nineteen thousand four hundred five ) fully paid-up equity shares of face value of Rs. 10 (Rupees ten) each (each an "Equity Share"), from the public shareholders of Wheels India Ltd ("Target Company") by Titan Europe Plc ("Acquirer") and Titan International, Inc. as the Person Acting in Concert ("PAC"), under the provision of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ("Takeover Regulations").
ICICI Securities Ltd ("Manager to the Offer") has informed BSE to refer the final letter of offer ("LOF") in relation to the Offer. As disclosed in the LOF in the Risk Factors "B. Risks Relating to this offer" - Risk 1, in compliance with Regulation 18(11) of the Takeover Regulations, the Open Offer is subject to the approval of the Competition Commission of India ("CCI"). The CCI has, inter alia, sought certain clarifications in respect of the application for approval vide their letter dated February 21, 2013 (which had been received on February 25, 2013). The clarifications that had been requested have been submitted on March 08, 2013.
As per the Schedule of Activities in the LOF, the last date of communication of rejection / acceptance and payment of consideration to the shareholders of the Target Company is March 12, 2013.
Necessary steps are being taken by the Acquirer and the PAC to resolve the clarifications sought by the CCI at the earliest. However, on account of the pending CCI approval, there has been a delay to comply with the timelines as set out in the schedule of activities in the LOF. |
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