Mumbai: The Board of Directors of Viacom 18 Media Private Limited (“Viacom18”) announced today that, as part of the company’s planned expansion in the entertainment space and acquisition of synergistic content, it is contemplating a voluntary offer for the issued share capital of The Indian Film Company (“TIFC”), a company that is listed on the AIM Stock Exchange in UK.
This possible offer is in the process of being formulated, is subject to a number of preconditions and will only be made if and when all such preconditions are satisfied and the offer can be made in full compliance of the UK Takeover Code and all other applicable regulations.
Network18 Media & Investments Limited (“Network18”) which, together with certain affiliates, owns shares in TIFC representing approximately 80.4% of the voting shares has indicated that, if the proposed offer is on terms attractive to Network18 and provides a beneficial exit from the film business to Network18 shareholders, it and its affiliates will consider tendering their respective shares to the offer.
Viacom18 is a 50-50 Joint Venture between ibn18 Broadcast Limited (“IBN18”) and Viacom Inc and both these shareholders have indicated their willingness to provide the necessary funding to Viacom18 for any such offer. IBN18 is a subsidiary of Network18, listed on the National Stock Exchange and Bombay Stock Exchange of India.