By 06 January, 2010

ABG Shipyard Ltd through a unit has acquired 5.7 million shares, or 15.2%, of Great Offshore Ltd via an open offer, a filing by the latter showed on Wednesday.

Offshore and oilfield services firm Great Offshore was embroiled in a six-month-long takeover battle with shipbuilders ABG Shipyard and Bharati Shipyard slugging it out to take a majority stake in the former.

ABG exited the race after rival Bharati raised the open offer price to 590 rupees a share compared with ABG's 520 rupees.

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