MUMBAI: The takeover battle for the control of Great Offshore is entering the final lap with rival bidders—Bharati Shipyard and ABG Shipyard—getting ready to launch open offers for the shareholders of the country’s largest offshore services company by middle of September.
Multiple sources close to the competing firms and their advisors said the offers by Bharati and ABG will remain open simultaneously for 20 days from the date of their launch. They said although one could witness a slew of further price revisions, akin to what happened in the last few months, but no third party will join the fray. So, the end-game will be over by early October with the closure of the open offers, they added. The takeover battle began in June-end when ABG Shipyard launched a hostile bid to acquire 32% stake in Great Offshore at Rs 373 a share, higher than Bharati Shipyard’s offer to purchase 20% stake for Rs 344 a share. Bharati retaliated within few hours by buying a large chunk of shares and revising its bid to Rs 403 a share. A few days later, Bharati further sweetened its bid to Rs 405 a share. Subsequently, ABG revised its offer twice to Rs 520 a share. The Great Offshore stock closed at Rs 528.50 on BSE on Wednesday. 6amesh shareway --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
