Boskalis, the Dutch dredging and marine services group, said it will make a mandatory offer for all the outstanding shares of Dockwise, the Netherlands-based heavy lift shipping company it is acquiring for 733 million euros ($990 million).
The 18.50 euros ($24.98) per share offer is expected to begin in the week beginning February 4, Boskalis said.
Boskalis today bought just over 2 million shares in Dockwise at average price of 18.50 euros, boosting its total shareholding to 38.39 percent.
Together with irrevocable commitments and Boskalis’ shareholding, approximately 88.59 percent of Dockwise shares support the takeover.
Boskalis said it has resolved all the relevant outstanding conditions to launch the mandatory offer. It has completed due diligence of Dockwise, raised $432 million of new equity and secured $1.75 million of financing from Dutch and British banks.
Dockwise, which is listed in Amsterdam and Oslo, acquired Norwegian rival Fairstar in 2012. It has a fleet of 25 semi-submersible vessels, including the world’s biggest heavy lift ship, with a 110,000-ton capacity “grab.”