Boskalis makes all cash offer for Dockwise

Based at Breda in the Netherlands, Dockwise is a leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. It has a workforce of more than 1,400 people, working both onshore and offshore

Boskalis resolved to make a mandatory offer for all the issued and outstanding ordinary shares of Dockwise at a price of €18.50 per share cum dividend (the Offer). As per the date of the announcement, the offer price per share equals NOK 137. The Offer is being made through Boskalis’ wholly owned subsidiary Boskalis Holding B.V.

Boskalis acquired 2,016,030 shares on Wednesday at an average price of €18.50 and now holds approximately 38.39% 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% of the shares are already acquired by, or committed to, the Offer.

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 €320m equity and secured €1.3bn of committed financing arrangements, progressed the relevant anti-trust filings and has obtained a positive advice from the relevant works council.

The voluntary offer document submitted to the regulators earlier will be withdrawn. Boskalis will submit a request for approval of its mandatory offer document (the Offer Document) to the Oslo Stock Exchange and the Netherlands Authority for the Financial markets as soon as possible following this announcement. The Offer Document is expected to be published and the Offer is expected to commence next week.