04/01/2007

Latest prices on Corus:
3rd January 2007 536/536.5p
4rd January 2007 533.5/534p

The latest bid information:

On the 19th December 2006 the UK takeover panel announced that the last date for revised offers from Tata and CSN is the 30th January 2007.

It is possible that the eventual price could be decided by an auction, the rules of which would be decided by the panel. This would mean a big increase in price.

So far the current timetable of events is as follows:

20th October 2006
Cash offer from Tata of 455p cash per share valuing Corus at 4.3bn GBP

10th November 2006
Tata posted offer to Corus shareholders (Scheme of arrangement)

17th November 2006
CSN approach Corus with proposal for a cash offer of 475p per share

10th December 2006
Boards of Tata & Corus agree terms of increased recommended offer of 500p per share cash

11th December 2006
CSN & Corus announce agreement on terms of a recommended pre-conditional cash offer of 515p per shares valuing Corus at £4.9bn

18/11/2006

Corus, already the subject of an agreed 455p cash bid from Tata Steel of India, yesterday received a 475p bid proposal from Companhia Siderurgica Nacional (CSN) of Brazil. Corus's share price finished the day at 495.5p indicating that the story may not yet be over.

Ironically (or should it be steelically!) Corus, formerly British Steel, agreed a £1.3 billion merger with CSN way back in July 2002.

Hopefully for shareholders this should prompt Tata to sweeten their bid or possibly bring another suitor out of the woodwork.

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