Bruce Barnard, Special Correspondent | May 15, 2012 11:27AM EDT
Dockwise, the Dutch heavy-lift operator, made an unconditional mandatory takeover offer for its Norwegian rival Fairstar.
The 9.30 Norwegian kronor ($1.57) per share bid is at the same level as the initial conditional offer in late April that Fairstar rejected, saying it ”significantly undervalues the business.”
Dockwise has since built up a controlling 54 percent stake in Oslo-listed Fairstar and last week secured shareholder approval for a $252 million equity fundraising to finance the takeover.
Dockwise, which operates a fleet of 19 semi-submersible vessels, said the offer represents a 22 percent premium to Fairstar’s closing price on the day before it made its bid.
Fairstar, which operates its four heavy-lift ships out of the Netherlands, has claimed Dockwise broke market rules. Its chief executive, Philip Adkins, also accused Dockwise’s financial adviser Pareto of “bully, bluster and bluff.”
The offer period runs until June 12 and may be extended by up to two weeks.
Contact Bruce Barnard at brucebarnard47@hotmail.com.
