The Walt Disney Company (Disney) has conveyed its intention of taking full control of UTV Software Communications (UTV). The Walt Disney Company has made an offer at a maximum price of Rs 1,000 per equity share to buy back the remaining 49.56 equity shares.
The de-listing proposal entails an offer to acquire all outstanding equity shares held by public shareholders in the company (Delisting Offer). The delisting offer shall be made by Disney in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations).
Post this buyout, Screwvala will cease to be an employee of UTV Software and instead be employed by The Walt Disney Company (TWDC India), a part of the Disney Group, as the managing director of TWDC India.
Screwvala shall be responsible for overseeing the Indian businesses of the companies owned and managed by the Disney Group, including, among others, the business of the company, going forward. Screwvala and TWDC India shall enter into an employment agreement in this regard.First Published : July 27, 2011