Diageo, which sells brands such as Smirnoff vodka and Johnnie Walker whiskey, had announced in 2012 it would pick up a 53.4 percent stake in USL in a multi-structured deal for a total of Rs 11,166.5 crore.
The open offer Diageo made in April last year met a lukewarm response from shareholders of USL, India's top spirits maker with brands including Signature, Bagpiper, Antiquity and Royal Challenge, and it picked up a 25.02 percent stake for Rs 5,235.85 crore.
Diageo said its second offer is not subject to any conditions regarding levels of acceptance. If the offer is not fully subscribed, all USL shares tendered would be acquired by Relay, subject to the terms and conditions of the offer.
“If the tender offer is over-subscribed, the tendering USL shareholders will be scaled back and entitled to sell such number of shares calculated on a pro-rata basis to the shares tendered in the tender offer,” it added.
If the offer is fully subscribed and Diageo gets to control a majority of USL shares, a voting obligation on United Breweries (Holdings) Ltd (UBHL), which holds 5.93 percent of USL's issued share capital, will cease, it said.
Diageo, currently the single largest shareholder in USL, said that as per terms of a November 2012 agreement, UBHL is obliged to vote along with Relay. MORE PTI MSS RKL JC
