Bharati makes the task difficult for ABG.
Should ABG quit the game now ?
1. ABG has been successful in making the acquisition expensive for Bharati by successively increasing the offer prices earlier.
2. If ABG were to increase the price now, it will end up with control and a higher stake but would have to stretch its massively leveraged balance sheet a bit more.
3. With Bharati getting close to 26% in Great Offshore, it will continue to be a pain for ABG.