Following the announcement by Tata Steel on October 5 2006, the board of Corus has confirmed that it has received a proposal from Tata Steel regarding a possible recommended offer for Corus at a value of 455 pence per share in cash, reports CNBC-TV18.
The board also says that discussions are taking place between Corus and Tata Steel. The Corus board says that there can be no certainty that an offer will be made and the board will make a further announcement in future.
This announcement has been made with the consent of Tata Steel. The Tatas peg Corus' enterprise value at USD 9 billion. Corus is trading at 478 pence, down 0.2%.