Now that both Pereras – Dhammika and Nimal - are set to consolidate control at Hayleys, the third largest conglomerate in the country is out in the open with analysts pointing out that it won’t be that easy for them to acquire 51%, which they are eyeing.
Dhammika Perera acting in concert with his tile firm Royal Ceramics, triggered the Takeovers and Mergers code in Hayleys in January this year, crossing the 30% threshold for a mandatory offer, but this offer at Rs.380 (by Dhammika and Royal Ceramics) to acquire the remaining shares of the company was accepted by only a handful of Hayleys shareholders amounting to 0.1% as the independent auditors had said it wasn’t attractive.
Analysts say that according to Colombo Stock Exchange rules, a party after issuing a mandatory offer once is allowed to only buy 2 % each year without triggering the mandatory code again. “As such it isn’t an easy thing to seek 51% in Hayleys,” an analyst said.
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