Bharati Shipyard raises bid price for Great Offshore, ABG Shipyard still a contender
17 Sep 2009
D Datar, CFO at ABG Shipyard, in an interview to CNBC-TV18 confirmed that the shipping corporation was still in the race to buy out Great Offshore, terming his interest in the Great Offshore 'pretty serious'.
ABG Shipyard has the option to revise its open offer price for Great Offshore.
ABG Shipyard and Bharati Shipyard have been in the race to obtain controlling stake in Great Offshore and both companies have been aggressively increasing its stake. Recently, Bharati bought 3 per cent equity in Great Offshore increasing its overall stake to 24 per cent.
Videocon has been one of the sellers in Great Offshore but Datar said that Videocon had not sold its entire stake to Bharati Shipyard.
The bidding war for Great Offshore, which provides offshore services, is being fought between ABG Shipyard and Bharati Shipyard, two big shipbuilders from India. Yesterday, the latter raised its offer price from Rs405 to Rs560.
Great Offshore is selling its 33.85 per cent controlling stake.
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