Mumbai: Yesterday saw a large scale bidding war between two Indian shipyards kick off for the acquisition of Great Offshore.
Earlier this month, Bharati Shipyard (pictured) offered INR 344 (US$7.10) to acquire some 7.83 million shares of Great Offshore, or about a 20 percent interest. Bharati Shipyard already held over 5.53 million shares in Great Offshore.
Yesterday, however, ABG Shipyard offered INR 375 (US$7.74) per share for about a 34 percent stake in Great Offshore. ABG already holds a small interest in Great Offshore.
Yesterday's offer prompted Bharati Shipyard Managing Director P.C. Kapoor to say, "We will be making another revised offer, the timing will be a few days hence, and what the price will be I cannot say right now."
According to press reports, the Bharati Shipyard offer has the support of some major Great Offshore shareholders. [25/06/09]
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