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Disney Delisting Offer For UTV Shareholders Begins Jan 16th 2012

Walt Disney, on December 27th has said that it intends to delist and acquire 12,215,776 equity (29.96%) shares from the public shareholders UTV Software Communications, and fixed a price between Rs 835.03 and and Rs 1,000 per share. The buy back offer will open on 16th January and close on 20th January 2012, said the company. The announcement comes close on the heels of Disney getting a nod from the Indian government to increase its shareholding from 50.44% to 100% in UTV Software Communications Limited. Post de-listing, Disney will have a stake of 80.25% of the 40,767,250 shares in UTV, with the remaining stake owned by Ronnie Screwvala, Unilazer Exports and Management Consultants, Unilazer (Hong Kong) and Zarina Mehta. The promoters and equity shareholders of UTV Software had earlier approved the delisting of the company from the Bombay Stock Exchange and the National Stock Exchange, through a postal ballot. Disney currently holds 20,497,994 equity shares of UTV, which constitutes 50.44% of the current paid up capital of the company. In July 2011, the company was looking to acquire 19.75% stake of the Indian media conglomerate UTV Software, currently held by UTV's promoter group (RS Promoters) – Ronnie Screwvala, Unilazer Exports and Management Consultants, Unilazer (Hong Kong) and Zarina Mehta – who hold 80,53,480 shares and thereby delisting the company by acquiring the rest 29.96% stake by buying out the publicly held shares in the open market. Indiagames Rights Meanwhile, UTV informed the Bombay stock exchange that after the successful completion of the Delisting Offer by Disney is successful, the company may assign to Disney or its affiliates its rights…

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