Bharti Shipyard, ABG continue battle for Great Offshore stake
23 Jun 2009
Shipbuilder Bharati Shipyard Ltd will hold a board meeting later on Tuesday after ABG Shipyard's counter-bid for a controlling stake in Great Offshore, and may consider raising the offer price, according to a Reuters report.
Rival ABG Shipyard said earlier in the day that it made an open offer to buy over 32 per cent in Great Offshore at Rs375 a share.
Bharati may offer Rs403-404 per share in its revised offer, television channel CNBC-TV18 reported, which is higher than its earlier bid of Rs344.
In May Bharti Shipyard bought a little below 15 per cent stake in Great Offshore at Rs315 a share after its founder Vijay Sheth, who had pledged his entire stake with the shipbuilder, could not repay the loan amount.
CNBC-TV18 also reported that shipping firm Great Eastern Shipping Co has sold its stake in Great Offshore to Bharati Shipyard through the block deals. There was no official confirmation of this.
ABG Shipyard had earlier offered to pay Rs375 a share to acquire a 33.85-per cent stake in Great Offshore Ltd. The offer countered a bid of Rs344 a share made by Bharati Shipyard Ltd on 3 June.