	csr bids dlrs a share for pioneer sugar mills csr ltd csra s said it will offer dlrs cash each for the shares it does not already hold in pioneer sugar mills ltd csr already holds pct of pioneer s mln issued shares it said in a statement the offer price values the entire pioneer sugar share capital at mln dlrs and compares with today s closing market level of dlrs a share csr said it will announce further details of the offer soon including an alternative offer of csr shares for pioneer sugar stock it said the offer is generous since it will give pioneer sugar shareholders a price equivalent to times pioneer s net earnings last financial year and a premium of pct over yesterday s market price which csr said it believed already contained an element of takeover speculation it also gives a premium of pct over pioneer s last reported net tangible assets per share csr said csr said the generous offer price reflects the cost savings which will flow from integrated management of csr s and pioneer s raw sugar mills and building materials businesses these economies can only be achieved through csr control and management of pioneer sugar it added the takeover announcement came soon after csr s earlier reported statement that it will sell its delhi petroleum pty ltd unit to an exxon corp xon unit for mln dlrs and not proceed with the previously announced float of part of delhi reuter 
