Dutch offshore services firm Boskalis has once again reduced its holding in Fugro, a provider of integrated geotechnical, survey, subsea, and geoscience services. Boskalis now has 9.38 percent interest in the compatriot company.
Boskalis had been gradually increasing its ownership in Fugro over the past two years, much to the objection of Fugro’s board who last year described Boskalis’ advances as a takeover attempt in the making while Boskalis insisted that the increased holding was not a step towards making an offer for Fugro.
However, earlier in December, Boskalis reduced its ownership in Fugro to 24.9 percent.
Boskalis said on Tuesday, December 13 that the reduction was accomplished through a successful accelerated bookbuild via which 12,685,878 (15%) certificates of shares in Fugro were placed with institutional investors at EUR 14.50 per share. The bookbuild started on Monday, December 12 after closing of Euronext Amsterdam.
Peter Berdowski, CEO Boskalis, said:”During the presentation of the half year results, we indicated that we would reconsider our position in Fugro. Despite our conviction that parts of Fugro fit very well with Boskalis, we recently decided to sell down our Fugro holding in steps.
“This decision is on the one hand based on the uncertain market conditions which continue to prevail much longer than anticipated and on the other hand also the position of the Fugro management. Through the gradual sell down we have taken away uncertainty in our own share and we expect to create more value for our shareholders going forward.”
In relation to this transaction, Boskalis agreed to a 90 days lock-up period during which it may not dispose of shares in Fugro, subject to the agreement with the joint bookrunners.