Boskalis has today submitted an increased offer for all the issued and outstanding ordinary shares (the Shares) of Dockwise.
The offer stands at EUR 18.50 per share which is an increase of 50 euro cents relative to the offer made on December 17. The offer values Dockwise at EUR 733 million with an enterprise value of approximately EUR 1.25 billion.
In an announcement issued this morning, Boskalis said: “Boskalis strongly believes that the Offer price represents full and fair value for the shareholders of Dockwise.”
Dockwise, whose shareholders last week rejected the EUR 18.00 per share offer as too low, today reacted positively: “Dockwise welcomes the further increase in price in this offer. Dockwise will continue the dialogue with Boskalis with the aim of reaching agreement on a merger document which can be recommended to our shareholders as well as to other stakeholders in the Company.”
To remind, Boskalis announced its intention to acquire heavy-lift and transportation specialist Dockwise in November this year, saying that the combination of the two companies provides new strategic opportunities for accelerated growth of the offshore services and that the addition of Dockwise’s activities to the Boskalis group will create a service provider with an extensive package of services for clients in the oil and gas sector.
Offshore Energy Today Staff, December 21, 2012