Dutch heavy lift shipping company Dockwise have rejected a 682 million euro ($887 million) takeover offer from Boskalis, claiming it is being undervalued by the Netherlands-based dredging and marine services group
The management of Dockwise said several minority shareholders representing 25 percent of the company’s share capital are dissatisfied with the 17.20 euros ($22.35) per share offer.
Dockwise thinks the Boskalis offers does not reflect its potential to take advantage of the growing demand for transporting drilling rigs and heavy infrastructure equipment following a heavy investment program in new ships, including $240 million for the world’s largest heavy-lift vessel, which has a 110,000-ton lift capacity.
Boskalis has built up a 33 percent stake in Dockwise since making its offer a week ago and has the support of HAL Investment, which has stakes of 32 percent in both bidder and target company.
Dockwise management suggested it might be open to a sweetened offer. “At this preliminary stage the Board of Directors see various merits in the ... strategic rationale of a potential combination of Dockwise and Boskalis,” Dockwise said in a statement.