Advent, Temasek fall short in bid for control of Crompton Greaves unit
Temasek Holdings and Advent International have closed their open offer for Crompton Greaves Consumer Electricals (CGCEL), the former consumer products unit of India's Crompton Greaves, having failed to acquire a controlling stake in the company.
Temasek and Advent launched the takeover bid in May, offering INR104 ($1.56) per share for up to 163 million shares in CGCEL. It was a significant discount to the company's trading price of INR139 at the...
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