After an all cash voluntary public offer for Dockwise in December, Boskalis has now resolved to make a mandatory offer for all the issued and outstanding ordinary shares of Dockwise at a price of EUR 18.50 per Share cum dividend.
Nearly 89 Per Cent Acquired or Committed
The offer is being made through Boskalis' wholly owned subsidiary Boskalis Holding BV. Yesterday, Boskalis acquired 2,016,030 shares. The company now holds approximately 38.39 per cent of the shares, as a result of which the mandatory offer obligation pursuant to Section 6-1 of the Norwegian Securities Trading Act is triggered. Together with the irrevocable commitments obtained by Boskalis in connection with the offer, approximately 88.59 per cent of the shares is already acquired by, or committed to, the offer.
Conditions Met
Boskalis has resolved all relevant outstanding conditions making the launch of the mandatory offer possible. Boskalis has completed its due diligence of Dockwise, successfully raised EUR 320 million equity and secured EUR 1.3 billion of committed financing arrangements, progressed the relevant antitrust filings and has obtained a positive advice from the relevant works council.
Determination Mandatory Offer Price
The offer price will be determined in accordance with Section 6-10 of the Norwegian Securities Trading Act. Boskalis did not acquire, nor agreed to acquire, any shares at a price exceeding EUR 18.50 (or, at any moment in time, the NOK equivalent) during the six months period prior to today.
Timetable
The voluntary offer document submitted to the regulators earlier will be withdrawn.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 as soon as possible. The offer document is expected to be published and the offer is expected to commence in the week of 4 February 2013.
