The takeover battle for Great Offshore (GOL) which saw competing open offers from ABG Shipyard and Bharati Shipyard followed by a sudden patch up between the two contenders has witnessed another twist. ABG shipyard which walked out of the fight for GOL by selling its entire stake and pricing its bid lower than Bharati Shipyard’s has ended up having a 15% stake in the Company.
ABG’s open offer was priced at Rs 520 per share against Bharati’s Rs 590. ABG wanted to buy 32% while Bharati’s offer was meant for a 20% stake. Both offer closed on December22.
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The conventional wisdom was that no one would repond to the ABG offer because of the lower price.
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