Rain initiates legal steps against GLC Carbon

City-based Rain Commodities has commenced legal proceedings against GLC Carbon Income Fund, Canada, and GLC Carbon USA Inc for turning the acquisition of the latter in favour of a rival bidder Oxbow Carbon Minerals Holdings Inc. GLC Carbon Income Fund holds 73.56% stake in GLC Carbon USA Inc, the largest producer of calcined petroleum coke in the world. The contention of Rain is that the board of GLC Carbon Income Fund has considered Oxbow Carbon Mineral Holdings proposal, with a bid price of C$13.50 favourable despite the latter’s inability to provide the security required to complete financing for the acquisition. Originally Rain had bid for GLC Carbon quoting a price of C$11.60 per share but revised it to C$13.25 after Oxbow placed a competing bid of C$13 per share for GLC Carbon’s acquisition.

Courtesy: EconomicTimes
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