18 Jun 2010
ERJ staff report (DS)
Mumbai -- Goodyear Tire & Rubber has failed in its bid to buy out external shareholders of subsidiary Goodyear India Ltd. The bid was handled through Goodyear Orient Company (Private) Ltd.
According to a Bombay Stock Exchange announcement, the company wanted to buy around 6 million shares, or 26 percent of the equity. The take-up of the offer was well below the minimum required by Indian regulations, which means no shares were acquired.
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Stock exchange announcement from Citigroup (which managed the deal)
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