Takeover Bid

Kvaerner Says It Won't Raise Takeover Bid

Anglo-Norwegian industry group Kvaerner said on Friday that it would not raise or extend its $725 million takeover bid for oil and gas services firm Aker Maritime Kvaerner's offer of 0.79 new Kvaerner shares for each Aker Maritime share expires today, at the close of the Oslo bourse. Aker Maritime has rejected the bid as too low. Kvaerner chairman Christian Bjelland reportedly told shareholders at a meeting today that the company's bid remained unchanged. The company had called the meeting for shareholders to vote over a controversial proposal to lower the threshold for mandatory offers to 30 percent from 40. A majority supported a lower threshold, company officials said after the meeting. The vote prevents majority owner Aker Maritime from raising its stake without bidding for the rest of Kvaerner.

NCL Retains Financial Advisers

NCL Holding ASA appointed Orkla Finans and Morgan Stanley as financial advisers following a takeover bid from Carnival Corp. Carnival, the world's largest cruise operator, has offered 30 Norwegian crowns per share for NCL, the fourth biggest operator. Miami-based NCL has rejected the bid as too low and has hinted that rival bids might be in the pipeline.

NCL Turns Down Carnival's $1.7B Takeover Bid

NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL officials said it would be a waste of time to even meet Carnival given the offered price. Carnival, the world's largest cruise operator, whose lines include Cunard and Holland America, launched the surprise bid for NCL, the fourth largest operator, on Dec. 1. The bid values NCL at $884 million

Frontline Wins Two-Year Fight For Control Of ICB

A two-year battle for Swedish tanker company ICB Shipping ended Sept. 23 in victory for Norway's Frontline - but only after four of 12 ICB tankers are sold to a new group set up by key ICB players. An agreement between Frontline, ICB and ICB's main shareholder, Greek shipowner John Angelicoussis, values ICB at about $600 million and ends a stalemate over ownership involving several legal wrangles. Bermuda-registered Frontline launched a hostile takeover bid for ICB in September 1997 with the

Northrop Grumman Extends NNS Tender Offer

U.S. defense contractor Northrop Grumman Corp. on Thursday said it has extended its tender offer for the outstanding shares of Newport News Shipbuilding, after the Justice Department requested additional information about the takeover. Los Angeles-based Northrop said it extended its tender offer for Newport News, to July 5 at midnight EDT from the previous June 20 deadline. About 861,000 shares of Newport News common stock had been tendered as of midnight June 20, Northrop said.

NCL Shares Down

Shares in Norwegian cruise operator NCL Holding ASA fell six percent early Wednesday after Singapore's Star Cruises bought a 20.6 percent stake but said it did not plan to bid for the entire company. NCL, which is currently the target of a hostile takeover from U.S. cruise giant Carnival Corp., said it had asked to meet Star to discuss possible options.

Portuguese Dredger Sold

Dutch Koninklijke Boskalis Westminster NV bought fellow dredger Dragapor from the Portuguese government. The unit, which was put up for sale in December, will be merged with Boskalis' local subsidiary Sociedade Portuguesa de Dragagens Lda. No financial details of the deal were disclosed. Dragapor has about 20 employees and a fleet consisting of two dredgers, some barges, a cutter suction dredger, a hopper dredger and a lift barge.

Holyman To Support New Adsteam Offer

Ferry and transport group Holyman Ltd. will recommend a revised 65 cents a share cash takeover offer from Adsteam Marine Ltd. in the absence of a higher offer. Earlier, Adsteam Marine lifted its hostile bid for Holyman to 65 cents per share from 52 cents. The new offer tops a rival bid from stevedore company Lang Corp Ltd., which has a 61 cent per share offer on the table. However, managing director James Bryant said shareholders need be in no hurry to accept and should await details of Lang

TotalFina, Elf Seeking 'Friendly End' To Takeover Battle

TotalFina Chairman Thierry Desmarest said that relations with rival Elf Aquitaine had entered a more relaxed phase and said he would seek a friendly end to their takeover fight in the coming weeks. "The atmosphere has become more relaxed over the past week," Desmarest said. "What we still have to do better is to try to pass from this phase of offers and counter-offers to the friendly solution we will try to negotiate in the coming weeks."

“Pac-Man” Takeover Defense Now Rare

A rare hostile takeover defense that emerged last week in Europe took root in the U.S. in the 1980s, but has mostly been replaced by other tactics used by companies seeking to fend off unwelcome bidders.