The takeover battle for Great Offshore is set to go into the next round as ABG Shipyard and Bharati Shipyard said their competing open offers will begin on December 3.
Both the bidders said the offer period will run simultaneously.
Mr Dhananjay Datar CFO of ABG shipyard said that “The open offer will run from December 3 to 22 and the last date for revising the open offer price will be December 11.
Earlier this month SEBI had rejected Bharati Shipyard's request for taking management control of Great Offshore. Bharati will only be allowed to increase its stake, but not gain management control of Great Offshore. Rival ABG Shipyard has permission to gain management control.
Bharati Shipyard had originally made the open offer for strategic investment, but filed a corrigendum stating that it wanted to make the open offer under Sections 10 and 12 of the SEBI Takeover Regulations (for management control) instead of Section 10 alone.
(Sourced from Business Line)
Sunday, November 29, 2009
ABG and Bharati open offers for Great Offshore from December 3
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