Boskalis cash offer for Smit is rejected

Dutch dredging contractor Royal Boskalis Westminster NV has made a cash offer of EURO 62.50 per share for all outstanding shares of Smit Internationale NV. The offer values Smit at EURO 1.13 billion. The offer price implies a premium of approximately 30% relative to the closing price of EURO 48.19 of Smit ordinary shares on 12 September 2008 and a premium of more than 27% relative to the average closing price of an ordinary share of Smit during the last month.