Pranidhi Holdings and Pramod Jain want to take back bid for Golden Tobacco

MUMBAI (Economic Times) The hostile takeover story of Golden Tobacco, the maker of cigarette brands such as 'Panama' and 'Chancellor', has taken a new turn. Acquirers Pranidhi Holdings and Pramod Jain, who announced their bid two years ago, have recently written to capital market regulator Sebi, seeking its permission to withdraw the unsolicited open offer. Jain, a minority shareholder with a 6% stake in Sanjay Dalmia-controlled Golden Tobacco, has alleged that a substantial value of the company has eroded with the promoters resorting to a poison pill strategy after the offer was announced. Continued