Stepping up the intensity of rivalry in taking over drilling firm Great Offshore, ABG Shipyard today further increased the open offer price, the second since June, offering Rs 520 a share.
ABG, which is pitched against Bharati Shipyard for acquiring Great Offshore, yesterday acquired some shares of the offshore drilling firm at Rs 519.94 a share, subsequent to which it today announced a revised offer price of Rs 520 per share.
Though ABG’s previous offer price of Rs 450 a share was higher than Bharati Shipyard’s Rs 405, the new offer price may tilt the bid war in its favour unless Bharati makes a counter offer.
The price for the open offer stands revised to Rs 520 a share and shall be payable to all shareholders who tender their shares at any time during the offer, Great Offshore said in a filing to the Bombay Stock Exchange today.
The offer will begin on August 13 and close on September 1.
ABG Shipyard, along with Eleventh Land Developers, yesterday acquired 1.50 lakh shares, or a 0.40 per cent stake, in Great offshore, at an average price of Rs 498.39 a piece.
Pursuant to the acquisition, ABG Shipyard now holds an 8.28 per cent stake in Great Offshore.
Source: Business-Standard