Essar Energy Shoots Down Ruia Bros.' $1.5B Buyout Offer

Law360, New York (February 24, 2014, 6:28 PM EST) -- Essar Energy PLC rejected a $1.5 billion buyout offer from parent company and majority shareholder Essar Global Fund Ltd., saying the offer is too low and underestimates the company's growth prospects.

An independent committee formed to assess last week's bid from EGFL decided that while the markets show Essar Energy's current worth at about $1.4 billion, the company has the potential to be worth more. EGFL, which owns 74 percent of Essar Energy and is run by investor brothers Shashi and Ravi Ruia of India, reportedly...
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