ABG likely to revise Great Offshore offer price

ABG Shipyard Ltd is likely to revise its offer price for Great Offshore next week, after Bharati Shipyard hiked the open offer price to Rs 405 a share from Rs 403. A source said an announcement is expected to be made early next week. However, merchant bankers for ABG refused to comment. Mr Dhananjay Datar, CFO ABG shipyard said: “We will take our time to devise a strategy.” Last month, ABG Shipyard through its fully-owned subsidiary, Eleventh Land Developers, made an open offer to acquire 32.12 per cent stake in Great Offshore at Rs 375 a share, nine per cent higher than Bharati’s initial offer price of Rs 344 a share, after acquiring 14.89 per cent stake in the company in May. Bharati had also bought another 4.58 per cent stake in the offshore services company through a block deal at Rs 403. Both the offers — ABG’s and Bharati’s — run parallel till the end of August.