Hyderabad, March 31 :
Hyderabad, March 31:
The curtains have come down on the long-drawn VST Industries takeover issue, with the company's board advising all its shareholders to take the option offered by ITC.
As the two suitors - Bright Star Investments and ITC Ltd - waited with bated breath, it is the BAT group company which seems set to walk down the aisle with the bride. BAT, the global tobacco major, holds a more than 30 per cent stake in VST.
Both Bright Star and ITC had made a public offer to pick up a 20 per cent stake in VST.
The Damanis of Bright Star had come out with a public offer at a price of Rs 112 per share, while Russell Credit Ltd, a finance subsidiary of ITC, came out with another offer at a higher price of Rs 115 per share.
VST said the strategic investor, ITC, is likely to enhance
shareholder wealth, while the
financial investor, Bright Star,
will neither add value nor appreciate deployment of funds for
exploring the potential of the
industry.