Tuesday , 12 November 2019
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Following its announcement at the beginning of this year to make an all cash voluntary public offer for Dockwise, the specialist heavy marine transport company, the Dutch dredging company Boskalis is now to make a mandatory offer of €18.50 (NOK 137; US$25) for all Dockwise shares. The Offer is being made through Boskalis\' wholly owned subsidiary Boskalis Holding B.V.

Boskalis to make mandatory offer for Dockwise

Having acquired 2,016,030 shares, thus achieving a holding of 38.39% in Dockwise, the mandatory offer is automatically triggered under Section 6-1 of the Norwegian Securities Trading Act. The dredging company has stated that together with the irrevocable commitments it has obtained, approximately 88.59% of the shares are already acquired by, or committed to, the offer.

Boskalis has resolved all relevant outstanding conditions making the launch of the mandatory offer possible, including the completion of its due diligence of Dockwise. The company has successfully raised €320m (US$428m) equity and secured €1.3bn (US$1.7bn) of committed financing arrangements and progressed the relevant anti-trust filings. It has also obtained positive advice from the relevant works council.

As a result of this latest position, the earlier voluntary offer document submitted to the regulators will be withdrawn. Boskalis will submit a request for approval of its mandatory offer document to the Oslo Stock Exchange and the Netherlands Authority for the financial markets. It expects the offer to commence in the week of 4 February 2013.