Dockwise moves on Fairstar

Dockwise confirmed it had increased its stake in Fairstar and said it had acceptances from shareholders amounting to 54% of the company, conditional on its own success in raising $250m of new equity to finance the takeover.

However, the Joint Supervisory and Management Boards of Fairstar concluded that the conditional offer significantly undervalues the business.

Further, the chairman of the Supervisory Board, Mr Frits van Riet said that the company had received a letter from Dockwise to say that it had agreed with various Fairstar shareholders to buy their shares for the price of NOK9.3 per share – giving them control of 54% of the shares in Fairstar. Further, it seems that one of shareholders had agreed to vote “under orders from Dockwise” at the Annual General Meeting.

“Fairstar has been advised that the undisclosed agreements of Dockwise and its partners are not in compliance with Dutch Law,” said Mr van Riet adding that the scheduled shareholders’ meeting was therefore cancelled.

The Supervisory Board of Fairstar will now undertake an investigation of this situation in order to satisfy itself that the interests of all stakeholders are properly protected.