DHL makes Blue Dart open offer

Ambit Corporate Finance, on behalf of DHL Express (Singapore) Pte (the acquirer) and Deutsche Post AG (person acting in concert) have made an open offer for 20% equity stake to shareholders of Blue Dart.

According to a release issued to the BSE today, the offer is for buying up to 47,45,857 shares at Rs 350 per share payable in cash.

"The offer is not subject to any minimum level of acceptance, and the acquirer will acquire all the fully paid up equity shares of Blue Dart that are validly tendered up to a maximum of 47,45,587 equity shares at Rs 350

per fully paid equity share," the release added.

The specified date for the offer is December 3, 2004. While the offer will open on December 31, it will close on January 19, 2005, the release said.