Bokalis, the Dutch dredging and marine services group, raised its takeover offer for Dockwise to 714 million euros ($ 942 million) from 682 million euros ($900 million), but the Netherlands-based heavy lift shipping company said it is still too low.
Boskalis, which raised its unsolicited cash offer by nearly 5 percent to 18 euros ($23.75) per share, said it now owns 72 percent of Dockwise, and it has received a commitment from Project Holland Beheer to tender its 7.4 percent shareholding.
Dockwise welcomed the improved offer but said it “still [does] not sufficiently reflect the value of Dockwise.”
“Following the initial announcement, Boskalis and Dockwise have conducted further discussions with respect to the proposed transaction,” Boskalis said.
“Boskalis will continue the dialogue with Dockwise with a view to obtaining the support and recommendation of the board of directors of Dockwise.”
The offer is not conditional on a minimum acceptance level, Dockwise said.
Dockwise, which acquired Norwegian heavy lift rival Fairstar earlier in the year, is listed on the Amsterdam and Oslo stock exchanges. It operates 25 semi-submersible vessels and generated revenue of $520 million in 2011.
Amsterdam-listed Boskalis, which booked sales of $3.7 billion in 2011, plans to finance the takeover mainly with debt, supported by an issue of up to 10 percent of new equity.