ABG exits Great Offshore takeover war

In an unexpected twist to the Great Offshore takeover battle, ABG Shipyard has exited the race by selling its entire holding thus making the ride smooth for Bharati Shipyard to complete the open offer.

In an unexpected twist to the Great Offshore takeover battle, ABG Shipyard has exited the race by selling its entire holding thus making the ride smooth for Bharati Shipyard to complete the open offer.

HT Image

Bharati and ABG have been engaged in a hostile takeover bid for the past five months to acquire Great Offshore, once owned by Vijay Sheth.

ABG Shipyard and its wholly-owned subsidiary Eleventh Land Developers on Wednesday liquidated their holding of 8.27 per cent in Great Offshore, a day after Bharati revised the offer price to Rs 590 a share.

ABG said it sold 30,78,000 shares of Great Offshore through a stock market transaction. “Consequent to this transaction, the cumulative shareholding of ABG and Eleventh Land in Great Offshore is 571 shares,” ABG said in a statement.