Boskalis moves closer to Dockwise takeover

The offer will be made in Euros at an offer price of €18 per share, which is an increase of 5% relative to the initial announcement. It values Dockwise at €714 million.

More than 72% of the shares are now already acquired by or committed to Boskalis, with Project Holland Beheer BV, holding approximately 7.4% of the shares, agreeing to an irrevocable undertaking to support and accept the offer.

Following the initial announcement, Boskalis and Dockwise have conducted further discussions with respect to the proposed transaction. Boskalis will continue the dialogue with Dockwise with a view to obtaining the support and recommendation of the Board of Directors of Dockwise. Boskalis has requested the Board of Directors of Dockwise to be given access to due diligence information and to information required to evaluate and process the necessary regulatory filings, including relevant filings to antitrust authorities.

Dockwise said it was encouraged by the 5% increase in share value but took the view that the increased price still does not sufficiently reflect the company’s value.

The definitive offer announcement will be made once Boskalis has received confirmations from the banks in respect of committed financing. The offer and the refinancing of existing facilities will be funded through a mix of existing cash resources, new senior debt facilities and new equity.

In the initial announcement, Boskalis had indicated that the offer would be conditional upon a minimum acceptance condition warranting adequate consolidation and control. However, since more than 72% of the shares are already acquired by or committed to Boskalis, the offer will not be conditional upon any minimum acceptance level.

The offer document is expected to be sent to Dockwise shareholders on or around 21 January 2013.