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Tender Offer News

20 Jun 2023

DNV Acquires Nixu

Nixu Board gives recommendation supporting DNV’s tender offer, in Helsinki in February 2023. From left: Remi Eriksen, Group President and CEO at DNV; Liv Hovem, CEO of DNV’s Accelerator; Teemu Salmi, CEO at Nixu; Jari Nisk, Chairman of the Board at Nixu. Image courtesy DNV

DNV will acquire Helsinki-headquartered cyber security services firm Nixu following a public tender offer which resulted in DNV taking ownership of more than 93% of Nixu’s shares. DNV will combine its cyber security businesses with Nixu following a process to acquire the remaining shares in Nixu and de-list the company from the Nasdaq Helsinki Stock Exchange. The $107-million deal will create one of Europe’s fastest growing cyber security services businesses.

27 Mar 2023

DNV Names Roll Richardsen as Director of Cyber Security in Norway

Anette Roll Richardsen - ©DNV

DNV has appointed Anette Roll Richardsen as Director of its Cyber Security business in Norway.DNV said Roll Richardsen would lead a growing team of IT and operational technology security experts as the company rapidly scales to safeguard its customers from emerging cyber risks to critical infrastructure. "Named among Europe’s 50 Most Influential Women in Cybersecurity by SC Media, Roll Richardsen has a track record in leading expert teams in securing society from cyber threats.

13 Jul 2022

Oil Tanker Owners Frontline and Euronav Sign Merger Deal

© Björn Wylezich / Adobe Stock

Frontline and rival Euronav have signed an all-stock merger deal to create a market-leading oil tanker group with 146 vessels including 68 very large crude carriers (VLCCs), the companies said on Monday.The firms, which expect the merged company to have a market capitalization of more than $4 billion and the merger to generate synergies of at least $60 million a year, first announced their intention to merge on April 7.

07 Dec 2020

SEACOR to Go Private in $1 Billion Deal

Florida-based transportation and logistics firm SEACOR Holdings Inc announced Monday it has entered into a deal with private equity firm American Industrial Partners (AIP) to take the company private in an all-cash transaction valuing it at about $1 billion, including net debt.SEACOR said New York-based AIP will commence a tender offer to buy all its outstanding shares at $41.50 apiece, a premium of about 14% to the company’s closing stock price on Friday, and a premium of approximately 31% over the 90-calendar day volume weighted average price.The agreement was approved by SEACOR’s board of directors and they recommend that SEACOR stockholders tender their shares in the offer.The deal is expected to close by the end of the first quarter of 2021.

30 Apr 2019

CMA CGM Reshuffles CEVA Logistics Management

French container transportation and shipping giant appointed its Chairman and CEO Rodolph Saade as the new chariman of Swiss third-party logistics provider CEVA Logistics, thus asserting its near-full control over CEVA.Nicolas Sartini, who currently holds the position of Group Chief Operating Officer and Deputy CEO of CEVA is appointed Chief Executive Officer as from June 1st. He will bring his experience and expertise to CEVA as it embarks on a new journey. He will replace Xavier Urbain who will become Executive Advisor to Rodolphe Saadé.Marvin O. Schlanger, Victor Balli, Dr. Rosalind Rivaz and John F. Smith did not stand for re-election. Rolf Watter, Daniel Hurstel and Emanuel R. Pearlman were re-elected for a one-year term of office until the AGM 2020.

10 Apr 2019

CMA CGM Finalizes Ceva Logistics Tender

French shipping giant CMA CGM has completed its public tender offer to acquire CEVA Logistics.The French carrier has confirmed the acquisition of Ceva Logistics after announcing it holds 97.89 percent of the company’s stock and will therefore de-list it from the Zurich Stock Exchange after April 16."Merging CEVA's operations into the CMA CGM Group will strengthen its position as a worldwide leader in maritime transport and logistics. Present in 160 countries, the Group will be 110,000 people strong with more than $30 billion in revenue," said a statement from the company.The CMA CGM Group will now be able to meet the logistics needs of its customers around the world with a comprehensive range of solutions across the supply chain…

04 Mar 2019

CMA CGM Begins $1.2B Cost-Cutting Program

Container shipping goliath CMA CGM announced the implementation of a global plan for 2019 to improve its operational performance with a cost savings objective of $1.2 billion through the optimization of lines and brands, and by further streamlining its processes. This after the company announced that 2018 annual revenue grew 11.2% to a record level of $23.48 billion.Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, stated: "In 2019, despite persisting geopolitical tensions, trade perspectives are positive. We will continue our development with the objective of improving profitability. That is why we are launching a new $1.2 billion cost reduction plan.""In addition…

12 Feb 2019

CMA CGM Aims for Ceva Logistics Breakeven in 2019

Photo: Ceva Logistics

CMA CGM is aiming for Ceva Logistics to break even this year, its finance chief said on Tuesday, as the French shipping group opened a share offer to cement its control of the Swiss freight specialist.CMA CGM's public tender will offer other shareholders 30 Swiss francs ($29.75) per share, valuing Ceva at 1.67 billion francs, a price agreed after Ceva rejected a takeover bid in October from Danish freight firm DSV.Marseille-based CMA CGM, one of the world's largest container shipping lines, became Ceva's core shareholder when the Swiss company floated on the Zurich stock market last year, as p

22 Nov 2018

Diana Shipping Buys Back its Sold Shares

Athens-based shipowner Diana Shipping announced the commencement of a tender offer to purchase up to 4,166,666 shares, or about 3.86%, of its outstanding common stock using funds available from cash and cash equivalents at a price of US$3.60 per share.The global shipping company specializing in the ownership of dry bulk vessels informed in a stock exchange annoucement that the tender offer will expire at the end of the day, 5:00 P.M., Eastern Time, on December 20, 2018, unless extended or withdrawn.The Board of Directors determined that it is in the Company's best interest to repurchase shares at this time given Diana Shipping Inc.'s cash position and stock price.

25 Oct 2018

CMA CGM to Buy Ceva Logistics

French shipping group CMA CGM has made a voluntary public tender offer to Swiss transport company  Ceva Logistics as part of its strategy to “broaden their partnership and sign a new relationship agreement”CMA CGM has been Ceva Logistics’ reference shareholder since its listing on the SIX stock exchange in May 2018. CMA CGM signed a new relationship agreement with Ceva on Wednesday October 24th to reinforce the industrial cooperation between the two companies.All the Ceva shareholders will have the opportunity to benefit from the substantial value creation expected from this cooperation with a commitment to keep the Ceva shares listed.This industrial cooperation has received the full support of Ceva Logistics’ board of directors and management.

06 Jul 2018

Total Acquires Direct Energie

Total and Direct Energie announce the completion of the acquisition today by Total of 73.04% of the share capital of Direct Energie, for 42 euros per share, representing approximately 1.4 billion euros. This acquisition, which is subsequent to the satisfaction of all conditions precedent referred to in the agreements executed on April 17, 2018 with Direct Energie’s main shareholders, was followed today by the filing by Total of a mandatory tender offer for the shares in Direct Energie which are not yet held by Total, at the same price of 42 euros per share. This proposed offer remains subject to review by the AMF, which will assess its compliance with applicable laws and regulations.

20 Mar 2018

Ernst Russ Sells Marenave Schiffahrts Stake

German asset and investment manager Ernst Russ Group has sold its stake in Marenave Schiffahrts AG, a shipping company in Germany. "The focus of the Ernst Russ Group’s work was on restoring the business activities and realigning Marenave Schiffahrts AG in the maritime sector. This was concurrent with the strategic approach of Ernst Russ Group and offered potential to enter into a successful partnership," said a statement from the company. After acquiring a larger block of shares in January 2018, Deutsche Balaton AG held a total of 21.34 % of all shares. The differing views of both major shareholders, Ernst Russ Group and Deutsche Balaton AG…

22 Feb 2018

Borr Drilling Buys Paragon Offshore

© Lukasz Z / Adobe Stock

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration, reducing demand for drilling rigs at a time when new rigs ordered during the boom years were entering the market, pushing rates down to, or below, operating costs. Borr said it was likely to scrap 21 older jack-up rigs…

12 Jun 2017

Hunter Maritime Terminates Tender Offer for Bulkers

Marshall Islands based Hunter Maritime Acquisition revealed it has “mutually agreed” with Germany’s Oskar Wehr to terminate the master agreement and the memoranda of agreement (MOA) related to the acquisition of five Capesize dry bulk carriers. The Tender Offer expired on June 9, 2017, and as of that time, certain conditions to the consummation of the Tender Offer and the Acquisition were not satisfied, including the condition that not more than 8,233,100 Class A common shares shall have been validly tendered and not properly withdrawn at the Expiration Date. "As a result, the Company and the Sellers mutually agreed to terminate the Master Agreement and the MOA relating to the Acquisition in accordance with their respective terms and conditions," said a statement from the company.

26 Apr 2017

Hunter Buys Five Capsize Bulkers

Hunter Maritime Acquisition Corp. said it has entered into definitive agreements pursuant to which it has agreed to purchase, for an aggregate purchase price of $139.4 million in cash, five identified Capesize dry bulk carriers in an en-bloc transaction from five Cyprus-based companies affiliated with one or more members of the Oskar Wehr group of companies of Hamburg, Germany. The vessels were built by Chinese shipyard New Times Shipbuilding Co. Ltd. and consist of MV Charlotte Selmer (2011), MV Greta Selmer (2011), MV Tom Selmer (2011), MV Lene Selmer (2010) and MV Hugo Selmer (2010). The vessels have a combined cargo-carrying capacity of approximately 876,352 deadweight tons and an average fleet age of approximately 6.2 years.

09 Sep 2016

Sovcomflot $ 1.26 bln Debt Financing Complete

SCF Group completed a series of financing transactions in the total amount of USD 1.26 billion. The deals include USD 750 million of unsecured public debt and USD 512 million of bank loans raised for purposes of funding the fleet renewal and expansion programme and for the refinancing of maturing debt. The latest in this series were new long-term credit facilities for a total amount of USD 252 million signed in August 2016, with a number of international banks including: Citibank; DVB Bank; ING Bank; Nordea Bank and Unicredit Bank. The funds raised are being used to finance the acquisition of nine ice-class tankers and two multifunctional icebreaking supply vessels as well as for refinancing of the Group’s existing bank debt.

24 May 2016

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed. The issue, structured to be compliant with rules allowing investors in the United States to participate, will price at 237.5 basis points over midswaps, according to the document. This is significantly inside the initial pricing guidance of between 262.5 bps and 275 bps over the same benchmark given earlier in the day, indicating strong investor demand. The transaction will be used to fund the part-repurchase of DP World's $1.5 billion sukuk which is due to mature in 2017, for which preliminary results of a tender offer announced on Tuesday showed investor demand had significantly outstripped the firm's original plan to buy back half of the paper.

16 May 2016

DP World Launches Tender Offer for $1.5 bln 2017 Sukuk

DP World could buy back around half of its $1.5 billion sukuk offering which is due to mature in 2017 as the global ports operator seeks to reduce the cost of its debt, it said in a statement on Monday.   Holders of the Islamic bond have until 1600 London time on May 23 to decide whether to accept DP World's offer to buy the sukuk at $10,555 when the face value is $10,000.   The firm will purchase sukuk worth up to $750 million, of which around there was around $1.42 billion of the issue currently outstanding.   DP World has hired Deutsche Bank, HSBC, Citigroup and Dubai Islamic Bank to act as dealer managers for the tender offer, the statement added.   (Reporting by David French)

09 May 2016

Total to Acquire Saft Group

Total and Saft announced today that, following the signature of an agreement between the companies, Total filed a friendly tender offer on all of the issued and outstanding shares in the capital of Saft with the French Financial Markets Authority (Autorité des Marchés(“AMF”)). The proposed offer will target all of Saft’s issued and outstanding shares at a price of €36.50 per share, ex-dividend of €0.85 per share, valuing Saft’s equity at €950 million. The offer price represents a 38.3% premium above Saft’s closing share price of €26.40 on May 6, 2016, a premium of 41.9% above the volume weighted average share price over the past six months and a premium of 24.2% above the volume weighted average share price over the past year.

06 Jul 2015

Fund Targets Mols-Linien

The Danish equity fund Polaris makes a tender offer on all shares of the ferry operator Mols-Linien, which sails on routes Odden-Ebeltoft and Odden-Aarhus. Polaris offered to pay 34 Danish crowns a share, valuing the ferry operator at 482 million Danish crowns ($71.7 million). The private equity group has entered an agreement with Clipper Group A/S to acquire their stake of 29.95% in Mols-Linien for an undisclosed price. In addition, Polaris received irrevocable advance commitments to purchase additional 46.24% stake in Mols-Linien from Nykredit Bank A/S, Financial Stability A/S and FS Finance III A/S. Mols-Linien operates three high-speed ferries between Jutland and Zealand that allow travellers to save 200 km compared with the route via The Great Belt Bridge.

01 May 2015

XPO to Acquire Norbert Dentressangle

American corporation XPO Logistics, led by multi-millionaire Bradley Jacobs, agreed to acquire French transport services and global logistics solutions provider Norbert Dentressangle, led by multi-millionaire Norbert Dentressangle, for US$3.53 billion including debt, according to Bloomberg. Dentressangle will sell the 67 percent of his family’s ownership in the company for €217.50 (US$240.58) per share. XPO will then start a tender offer for the remaining stake at the same price. A binding agreement has been received from  Norbert Dentressangle and his family for their entire 67% stake in the company and XPO will launch an all-cash tender offer for the remaining shares on antitrust clearances in the US and Germany.

01 May 2015

Greece to Privatize Piraeus Port

Greece will proceed with the sale of stakes in strategic assets such as the port of Piraeus, says a report in Bloomberg. The Hellenic Republic Asset Development Fund, which sells real estate, infrastructure and other government holdings, is sending a revised tender offer to investors, including China Cosco Holding Co, to solicit bids for a stake in the Piraeus Port Authority SA. Under the new terms of the port tender, investors will be invited to purchase a 51 percent stake in the manager of Greece’s largest port, instead of a 67 percent stake previously offered, and won’t be offered the management of services for ferries, which was part of the original tender submitted to investors last year, sources said. They expect to close the sale before the end of the year, they added.

05 Mar 2015

Ensco Announces Cash Tender Offer

Ensco plc announced today that it has commenced a cash tender offer to purchase any and all of its outstanding 3.25% Senior Notes due 2016 (CUSIP No. 29358QAB5). The tender offer is being made pursuant to an Offer to Purchase dated today and a related Letter of Transmittal and Notice of Guaranteed Delivery, which set forth the terms and conditions of the tender offer. As of March 4, 2015, the aggregate principal amount of the notes outstanding is $1.0 billion. The consideration for each $1,000 principal amount of notes validly tendered and accepted for payment pursuant to the tender offer will be determined in the manner described in the Offer to Purchase by reference to a fixed spread of 20 bps over the yield based on the bid side price of the 0.375% U.S.

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