Vedanta: Top minority shareholder calls buyout offer inadequate; to engage with board

03 July 2018 - 11:57 am UTC

Authors(s): by Swetha Gopinath
A top minority shareholder in Vedanta Resources [LON:VED], which has received a buyout offer from a family trust owned by its chairman, has called the offer price “inadequate,” and said it would engage with the company to find a more agreeable price.
The offer of GBP 8.25 per share from Volcan Investments, a company wholly owned by Vedanta Chairman Anil Agarwal, represents a 27.6% premium to Vedanta’s close prior to the deal being announced on Monday (2 February).
Fair value for Vedanta shares would be about GBP 11 per share, according to the top shareholder. Vedanta shares were trading at GBP 8.29 on Tuesday morning.