Jindal Steel may be second time unlucky with Rocklands

Jindal has increased the price and extended the deadline 10 days before it was to expire, of its open offer to shareholders.Jindal Steel, on May 26, increased its offer price for the shares to $0.3 per share from $0.25. The company also extended the deadline for the open offer date from June 6 to June 20. However, the increased offer price of $0.3 per share is below the price at which the shares are traded currently.

The company said the revised offer is still less than the mid-point value of RCI shares. Based on the above facts, the independent directors of RCI have asked the shareholders to reject Jindal's revised offer.

Earlier, in 2009, Jindal had tried to buy Rocklands and was locked in a three-way battle with Essar Steel of India and Meijin Steel of China.

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