Boskalis acquires Dockwise in ‘squeeze out’ of remaining shareholders
Boskalis, which has already acquired 99.39% of transport company Dockwise, has initiated a statutory 'squeeze-out' procedure to give it the remaining percentage. The deadline for the last few to sell their shares is around 26 April.…
Acquisition of Dockwise by global maritime services and offshore specialist, Boskalis is expected to go through today following a ‘squeeze out’ of remaining shareholders.
Boskalis announced its intended offer for maritime transport company, Dockwise in November 2012, going on to secure 83.5% of shares within a month of the statement.
It now holds 99.39% of the total number of shares, which is expected to hit the necessary 100% mark today thus pushing the acquisition through.
Boskalis initiated a statutory squeeze-out procedure on 20 March, giving notice to remaining shareholders of their intention to acquire their shares. The price, at €18.50 per share, is the same offered as the Offer price. The deadline for the remaining shareholders to give up their shares is on, or around, today, said the statement from Dockwise.
Dockwise has publicly supported the acquisition, which it said would result in advantages including a broad integrated range and expansion of the logistical management market.
The impact on Dockwise Yacht Transport (DYT), the smaller subsidiary of the heavy oil and gas cargo transporter parent, has not yet been broached. Most of the public focus of the acquisition has leaned on the company's primary revenue generator - offshore services. A spokesperson from DYT responded to SuperyachtNews' enquiry to say it was too early to comment on plans or strategy when the sale was still very much in its infancy.
However, speaking in general terms of the acquisition in February this year, André Goedée, CEO of Dockwise said:
"The Dockwise team looks forward to becoming part of the Boskalis group and with minimal operational overlap between our companies, we foresee a swift integration. I am confident that the combined expertise, uniquely available within Dockwise and Boskalis, will be successful in offering a broad integrated range of premium services to our current and future clients."
Royal Boskalis Westminster N.V. based in Holland, is a global services provider operating in the dredging, maritime infrastructure and maritime services sectors. This financial year it posted record revenue of EUR 3.1 billion and a net profit of EUR 250 million
The offer was initially for €17.20 per share, for a total consideration of EUR 682 million, which the suitor raised to €18.50 on December 21 after Dockwise insisted it was an undervaluation.
Boskalis announced its intended offer for maritime transport company, Dockwise in November 2012, going on to secure 83.5% of shares within a month of the statement.
It now holds 99.39% of the total number of shares, which is expected to hit the necessary 100% mark today thus pushing the acquisition through.
Boskalis initiated a statutory squeeze-out procedure on 20 March, giving notice to remaining shareholders of their intention to acquire their shares. The price, at €18.50 per share, is the same offered as the Offer price. The deadline for the remaining shareholders to give up their shares is on, or around, today, said the statement from Dockwise.
Dockwise has publicly supported the acquisition, which it said would result in advantages including a broad integrated range and expansion of the logistical management market.
The impact on Dockwise Yacht Transport (DYT), the smaller subsidiary of the heavy oil and gas cargo transporter parent, has not yet been broached. Most of the public focus of the acquisition has leaned on the company's primary revenue generator - offshore services. A spokesperson from DYT responded to SuperyachtNews' enquiry to say it was too early to comment on plans or strategy when the sale was still very much in its infancy.
However, speaking in general terms of the acquisition in February this year, André Goedée, CEO of Dockwise said:
"The Dockwise team looks forward to becoming part of the Boskalis group and with minimal operational overlap between our companies, we foresee a swift integration. I am confident that the combined expertise, uniquely available within Dockwise and Boskalis, will be successful in offering a broad integrated range of premium services to our current and future clients."
Royal Boskalis Westminster N.V. based in Holland, is a global services provider operating in the dredging, maritime infrastructure and maritime services sectors. This financial year it posted record revenue of EUR 3.1 billion and a net profit of EUR 250 million
The offer was initially for €17.20 per share, for a total consideration of EUR 682 million, which the suitor raised to €18.50 on December 21 after Dockwise insisted it was an undervaluation.
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