Activist investor Carl Icahn-owned Federal-Mogul was acquired by Tenneco in a $5.4-billion deal in April 2018, which triggered an open offer for the Indian subsidiary as well. Tenneco Inc then moved SAT against Sebi's revised open offer price as Sebi did not give them a chance to present their case. The minority shareholders who were unhappy with the open offer price also moved SAT for a fresh look. SAT remitted the matter to Sebi which did not give a hearing to Tenneco before revising the open offer. The petitioners have three weeks to examine the valuation report and make representations to Sebi which will thereafter have four weeks to give a final open offer price.

Source: Mint May 17, 2019 03:11 UTC