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Open Offer Should Have Been Announced In Jet-Etihad Deal: SES

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Advisory firm Stakeholders Empowerment Services’ (SES) report on Jet-Etihad concludes that Jet promoters and Etihad are acting in-concert and that they would be in effective joint control of Jet after the deal. It said there are insufficient reasons to dilute promoter shareholding to 51% and the deal may have violated the Substantial Acquisition of Shares and Takeover (SAST) regulations by not announcing an open offer.