The Tug of War over Gesco Corporation

            
 
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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Case Details:

Price:

Case Code : BECG028 For delivery in electronic format: Rs. 200;
For delivery through courier (within India): Rs. 200 + Rs. 25 for Shipping & Handling Charges

Themes

Mergers, Acquisitions and Takeovers
Case Length : 9 Pages
Period : 2000 - 2002
Pub. Date : 2002
Teaching Note : Available
Organization : Gesco Corporation, Renaissance Estates Ltd, HDFC
Industry : Financial Services
Countries : India

Abstract:

The case "The tug of war over Gesco Corporation", traces the various developments that had taken place in the tug of war over Gesco Corp. In October 2000, Abhishek Dalmia made an open offer for 45% stake in Gesco Corp at Rs. 27 per share. Since then, the battle between the Sheths-the promoters of Gesco Corp and the Dalmias had strengthened. The late 2000, saw both the sides making offers and counter offers. They had reached a stage where both the groups were fighting a losing battle. The price of the share went up to Rs. 45 per share with the Dalmias' making the last call. In January 2001, good sense prevailed on both the sides and they reached an agreement. By the agreement, the Dalmias' sold their 10.5% stake in Gesco at Rs. 54 per share. With this, one of the most engrossing corporate battles had come to an end.

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Issues:

How and why companies are increasingly falling prey to the corporate raiders

Contents:

  Page No.
Introduction 1
Background 2
Strategic Moves by Dalmia Group 3
Sheths Make a Counter Move 4
Dalmia Prepares for a Counter Offer 4
The Tug Of War Loosens 6
The Truce 6
Exhibits 8

Keywords:

The tug of war over Gesco Corporation, October 2000, Abhishek Dalmia , 45% stake, Gesco Corp ,Rs. 27 per share, Sheths-the promoters , Dalmias, 2000, Rs. 45 per share , January 2001, agreement, the Dalmia,10.5% , Rs. 54 per share

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