Financial Daily from THE HINDU group of publications
Sunday, Sep 18, 2005
Financial Daily from THE HINDU group of publications Sunday, Sep 18, 2005 |
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Investment World
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Open Offers Markets - Open Offers Mather and Platt Pumps: Reject
Sharereholders of Mather and Platt Pumps could reject the open offer made by the WILO group of Germany, as the pricing is not attractive. The open offer is at a price of Rs 109.32 per share and covers 20 per cent of the equity. The stock, which was languishing until this year, has been on a relentless upward trend; this has been the case especially since the news of this acquisition came into the public domain. It trades at about Rs 230 now; trading volumes have also been robust. The WILO group one of the larger pump manufacturers in the world and plans to use Mather and Platt Pumps as a sourcing base. Its involvement could also lead to a scaling up of revenues and profitability parameters. At present, the earnings of Mather and Platt Pumps does not support even the offer price of Rs 109.32. The performance may improve over a two-to-three year period under the auspices of the WILO group. The lead manager to the open offer is SBI Capital Markets; the offer closes on October 5. Mather and Platt Pumps has an equity base of Rs 9.2 crore.
BL Research Bureau
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