ABG Shipyard today said its open offer for 32.12 per cent stake in offshore drilling firm Great Offshore will now commence on December 3.
In a filing to the Bombay Stock Exchange, ABG Shipyard, which had earlier made an open offer at Rs 520 a share, said its plans to acquire over 1.25 crore shares in Great Offshore. It will begin on December 3, 2009, instead of the previously scheduled August 13, 2009.
The firm said it could revise the size and price of the offer, that will close on December 11. ABG Shipyard, which holds a 8.28 per cent stake in Great Offshore, had earlier made an open offer to buy over 32.12 per cent stake in the offshore drilling firm at Rs 520 a share.
The offer would now close on December 22, instead of earlier scheduled September 1, 2009, the filing added. Last week, the market regulator Sebi had given a go-ahead to ABG Shipyard for making an open offer in the offshore service firm.
Shares of Great Offshore fell 1.96 per cent at Rs 527.50 on the BSE.
Both ABG Shipyard and Bharati Shipyard are locked in a takeover battle of Great Offshore since June 2009.
Last month, Bharati Shipyard had hiked the open offer price to acquire stake in Great Offshore to Rs 560 per share and said it intends to acquire management control in the latter.
Bharati, which holds 22.48 per cent stake in Great Offshore, had initially offered to acquire 20 per cent stake in the latter for Rs 344 per share. This was countered by ABG Shipyard with a price of Rs 375 per share for buying 32.12 per cent.
In July, Bharati raised the offer price to Rs 405 a share, which was again met with a counter offer from the rival at Rs 450. Finally in August, ABG again increased the Great Offshore offer price to Rs 520 per share.
Shares of ABG Shipyard were trading at Rs 185, down 3.72 per cent in the afternoon trade on the BSE.
