The announcement can be read here.
ABG and Bharati seem to have joined hands at the negotiating table. It has saved headache not only for Bharati and ABG but for SEBI and the other regulators as well.
This means that ABG is out of the race for Great Offshore and Bharati is going to be the uncontested suitor. Though ABG is out but the open offer made by it cannot be withdrawn . So, both the open offers made by ABG and Bharati would run simultaneously.
The contours of the deal seem to have been drawn in a manner to make sure that the financial liability on ABG is as low as possible. The offer by Bharati has been raised a bit to ensure that the difference in the open offer prices of ABG and Bharati is large enough for shareholders to tender their shares in the offer made by Bharati.
One aspect of Takeover Code which gets clarified is that in an open offer made by the acquirer, the acquirer is free to sell its existing holding in the target company during the pendency of the open offer.