ABG Shipyard gears up to match Bharati’s open offer

ABG Shipyard gears up to match Bharati’s open offer

New Delhi: Ship building firm ABG Shipyard is getting ready to counter the offer price of rival Bharati Shipyard to acquire offshore drilling company Great Offshore.

“ABG Shipyard will definitely come up with a counter offer but with the SEBI approval for its open offer expected soon, they are holding their cards close to the chest as far as the pricing is concerned," a source close to the development said.

On September 16, Bharati Shipyard acquired 3.01% stake in Great Offshore from the open market with the highest share price at Rs560, as a result of which the open offer price for acquiring Great Offshore has been revised to Rs560 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% stake in Great Offshore.

The stock market regulator is likely to approve open offer by both ABG and Bharati to acquire Great Offshore soon.