Boskalis considers HAL Holding takeover bid

HAL said it did not intend to make any changes to management if its 95% bid Boskalis is accepted.

Based in Papendrecht in the Netherlands, Boskalis’ multi-disciplinary activities include significant towage capabilities largely within the offshore oil and gas and renewables industries, utilising around 20 ocean-going and anchor-handling tugs.

Over recent years it has been divesting itself of its joint venture agreements in the harbour/terminal towing sector, Smit Lamnalco, in which Boskalis holds a 50% stake, being one arrangement that Boskalis recently announced it was “reviewing”.

HAL’s intended all-cash voluntary public offer of €32.50 per share for all issued and outstanding ordinary Boskalis shares contains no minimum acceptance threshold, HAL stating the offer represents a premium of approximately 28% relative to the closing price the day before the offer.

The offer price per share represents an implied equity value of €4.2bn for Boskalis (on a fully diluted basis): HAL held 46.2% of Boskalis’ shares at the offer date.

“HAL supports Boskalis’ existing strategy and has no intention to change its management or governance,” said HAL. “HAL is committed to the long-term interests of Boskalis and its business taking into account the interests of its stakeholders, including its employees. HAL does not envisage reductions of Boskalis’ workforce as a direct consequence of the offer or completion thereof.

“HAL fully appreciates that the boards of Boskalis will need to evaluate all components of the proposed transaction before taking a definitive position in respect of the offer. HAL has invited Boskalis to meet at short notice with a view to further discuss the proposed offer.”

“The Board of Management and Supervisory Board of Boskalis will carefully consider all aspects of the proposed offer in accordance with their fiduciary duties. Boskalis will update the market if and when appropriate,” Boskalis responded.

HAL anticipates requisite regulatory and competition clearances in Q3 2022 and if it holds at least 95% of the shares intends to “cause the termination of the listing of the shares on Euronext Amsterdam and to commence statutory buy-out proceedings to obtain 100% of the shares.”