Unilever plc (LSE:ULVR) made an offer to acquire additional 22.52% stake in Hindustan Unilever Ltd. (BSE:500696) for approximately INR 290 billion on April 30, 2013. Unilever will acquire approximately 487 million shares for INR 600 per share in cash. The offer is not subject to any minimum level of acceptance. The offer is subject to receipt of statutory approvals. Subject to regulatory clearance, the offer period is expected to begin in June 2013. Payment for the shares ... will take place shortly after close of the offer. Unilever plc has adequate financial resources to meet the open offer obligations under the SEBI (SAST) Regulations 2011. As of May 3, 2013, Hindustan Unilever Ltd. has taken a note on offer made by Unilever plc and formed an independent Director’s committee to provide reasoned recommendation to the shareholders on offer. The Committee shall consist of all Independent Directors of the company, Aditya Narayan, S. Ramadorai, R. A. Mashelkar, O. P. Bhatt and Sanjiv Misra. Aditya Narayan shall act as the Chairman of the committee. As of May 8, 2013, the tender offer will open on June 21, 2013 and closes on July 4, 2013. As of May 9, 2013, the last date for payment of consideration to the shareholders is July 18, 2013 and the offer is not subject to any statutory approval. Murali Krishana of Karvy Computershare Private Limited acted as registrar for Unilever. Tanu Singh and Mayank Sharma of HSBC Securities and Capital Markets (India) Private Limited acted as manager for Unilever. Linklaters LLP acted as legal advisor for Unilever plc.
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Hindustan Unilever Ltd. (BSE:500696) acquired the remaining 74% stake in Aquagel Chemicals Private Limited on April 4, 2013. Hindustan Unilever signed a share purchase agreement with the promoters of Aquagel for the transaction. Aquagel has become a wholly owned subsidiary of Hindustan Unilever.

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