Minority shareholders spike Vedanta's bid to take over Malco

Vedanta failed in its attempt to take full control of Madras Aluminium (Malco) as the acceptance of its open offer to minority shareholders holding 20% the shares didn't reach the required 90% level. Vedanta's holding in the company will remain at 80%. A group of minority shareholders alleged that the floor price of Rs 185 was very low and the acquirer had failed to give proper disclosure with respect to the floor price. (The Economic Times - 04/14/05).

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