LONDON – Billionaire Anil Agarwal has been given more time to make a firm offer or walk away from a deal to buy out minority shareholders in Vedanta Resources for £778-million, the London-listed miner said on Monday.
Agarwal's vehicle Volcan Investments had faced a deadline of 17:00 London time to declare its intentions towards Vedanta but British regulator the Takeover Panel has granted an extension to August 6 to facilitate financing talks between Volcan and its lenders over its all-cash bid, the miner said.
It comes after Volcan said on July 2 that it planned to offer minority shareholders 825p a share to acquire the 33.5% of Vedanta that it does not already own and delist the group.