Bruce Barnard | Feb 24, 2010 8:57AM EST
Royal Boskalis Westminster of the Netherlands, the world's biggest dredging company, will launch its agreed $1.55 billion takeover offer for Smit Internationale, the Rotterdam-based tug, marine salvage and heavy lift shipping group, on Thursday, Feb. 25.
Boskalis said that, including stock it currently holds, it has commitments from about 43 percent of Smit shares for its $81 per share cash offer.
The offer period will start on Feb. 25 and run until March 26, the two firms said in a joint statement. The offer needs 75 percent acceptance to take effect. Smit's management and the majority of its supervisory board have recommended the offer to shareholders.
Boskalis made an unsolicited bid for Smit in September 2008 and built up a 25 percent stake in the company. But it abandoned the planned takeover four months later, citing unfavourable market conditions and a lack of support from Smit's management.
On Nov. 12, 2009 the two companies announced they had agreed on a takeover after Boskalis dropped plans to sell Smit's tug business.
The companies have agreed to integrate Smit's port terminals unit with Lamnalco, a joint venture between Boskalis and Saudi Arabia's Rezayat Group.
Smit, the world's leading marine salver, will continue to operate under its own name and will retain its Rotterdam headquarters after the takeover.
Contact Bruce Barnard at brucebarnard47@hotmail.com.