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| ABG to respond to Bharati offer for Great Offshore in 10 days |
| Press Trust of India / New Delhi Sep 17, 2009, 20:30 IST |
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ABG Shipyard, which is locked in a battle with Bharati Shipyard for the takeover of offshore drilling firm Great Offshore, will respond to an increased open offer price by the rival within ten days.
"It is too early to talk about it. We will talk after ten days," ABG Shipyard Chairman Rishi Agarwal told PTI when asked if the company will hike its open offer price in response to Bharati Shipyard's increased offer.
On Wednesday, Bharati Shipyard acquired 3.01 per cent stake in Great Offshore from open market with the highest share price at Rs 560, as a result of which the open offer price has been revised to Rs 560 per share.
The transaction was carried out through its sister concern Dhanshree Properties Pvt Ltd. With the latest acquisition, Bharati Shipyard along with its group firm now holds 22.48 per cent stake in Great Offshore.
Bharati Shipyard Managing Director P C Kapoor could not be contacted for comments.
In June this year, the company had made an open offer for 20 per cent stake in Great Offshore for Rs 344 per share. This was countered by ABG Shipyard with a price of Rs 375 per share. Subsequently in July, Bharati increased the offer price to Rs 405 per share, which was again met with a counter offer from the rival at Rs 450.
In August, ABG Shipyard, which holds 8.28 per cent stake in Great Offshore, again increased the offer price to Rs 520 per share.
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