Investors Cool on Adsteam Bid

Wednesday, July 05, 2006
Institutional shareholders of tugboat company Adsteam Marine remained mixed about the recommended $700m all-cash takeover offer from Danish shipping giant AP Moller-Maersk. Analyst Alexander Mees of JP Morgan said some smaller investors were happy with the takeover bid, but larger shareholders believed Adsteam was worth far more, fuelling hopes that a higher bid might be in the making. Adsteam shares remained unchanged at $2.57 - slightly higher than the $2.54-a-share cash bid lodged by salvage company SvitzerWijsmuller, a subsidiary of Maersk. Adsteam's largest shareholder, Investors Mutual, said that while the offer represented a healthy premium, it was still below replacement value of Adsteam's 200 tugboats. It is said that analysts believed that a higher bid might emerge from other global tugboat operators including Hong Kong conglomerate Hutchinson-Swire, Dutch-based Smit and Singaporean port operator PSA. Another major shareholder with a 9 percent stake in Adsteam said that while it was a reasonable offer, there was room to move. Under the terms of the Danish bid, Adsteam has given an undertaking not to seek rival bids and would have to pay a break fee of $6.9 million if directors backed a rival offer. The Danish offer is also subject to several conditions, including competition approvals in Australia and Britain, and Foreign Investment Review Board approval. Source: The Australian

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Bollinger Wins Contract for Phase II FRC Builds

Louisiana shipbuilder Bollinger Shipyards announced it has secured a contract to build Phase II of the Sentinel Class Fast Response Cutters (FRC) for the United States Coast Guard (USCG).

Massive Layoff Ahead for Hyundai Heavy

Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources.

Daewoo Shipyard Posts Q1 Operating Loss

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. posted a first-quarter loss after incurring more costs to finish some offshore projects.   First-quarter

Finance

Offshore Casualty: Harkand Group Collapses

As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.

Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui,

ITIC Reports on Ship Agents' Costly Transhipment Errors

International Transport Intermediaries Club (ITIC) says it continues to deal on a regular basis with claims resulting from errors by agents involving transhipment cargoes.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0791 sec (13 req/sec)