Royal Boskalis Westminster will not pursue its intended offer of all the issued and outstanding ordinary shares in the issued share capital of Smit Internationale.
In the past period, Smit’s Executive and Supervisory Board have had frequent contact with shareholders, joint venture partners and other parties regarding Boskalis’ intended offer. They have noted the fact that during this period, Boskalis acquired a stake of more than twenty per cent in Smit. In view of an imminent stalemate, the Executive and Supervisory Boards of Smit and Boskalis held preliminary discussions whether agreement could be reached on a transaction that would be in the interests of the company and its stakeholders and would fairly reflect the Smit’s value. The parties did not reach an agreement.
Ben Vree, CEO of Smit said: “Smit will continue its successful strategy of integrated maritime services, making optimal use of synergies between our divisions Harbour Towage, Terminals, Salvage and Transport & Heavy Lift. Boskalis’ announcement signals the end of a period of uncertainty. Our business shows a positive development for the second half of this year and our investment programme is at full speed. We are back to business as usual and have all sails set!”
