Lukewarm response to Diageos open offer for United Spirits

Diageo Plcs Rs 5,441-crore open offer for acquiring 26 per cent stake in Vijay Mallya-led United Spirits has come a cropper with the offer eliciting a tepid response from public investors.

The offer was part of the nearly $2-billion deal that would see Diageo snapping up majority stake in United Spirits. Of 3.8 crore shares of United Spirits that were on offer,shareholders tendered just 64,169 shares and only 58,688 scrips were accepted,according to a regulatory filing by Vijay Mallya-led firm. Diageo had offered to buy shares at a price of Rs 1,440 per piece. The open offer began on April 10 and closed on April 26.