Hindustan Unilever Ltd.

Unilever PLC’s $5.4 billion worth open offer for Hindustan Unilever (HUL) will be starting from June 21, 2013 and close on July 4, 2013. Betting big on Asia’s fast-growing spending power, the parent company would acquire up to 487 million shares or 22.52% of the equity of HUL in an open offer for Rs 600 a share. Further, HSBC is the lead manager of the offer. 

Post this deal, Anglo-Dutch consumer goods giant Unilever Plc’s stake will be hiked to 75% as compared to 52.48% currently. Also, on completion, the open offer would be one of the biggest deals and fifth largest in India Inbound M&A transaction on record till date.

HUL, last week, constituted a committee of independent directors to provide reasoned recommendation to the shareholders on the $5.4 billion voluntary open offer by its parent, Unilever Plc.  The committee consists of all the five independent directors of the company -- Aditya Narayan, S Ramadorai, R A Mashelkar, O P Bhatt and Sanjiv Misra.