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 Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

Finance

Liquefaction Terminals to Draw Big Spending

Liquefaction terminals to dominate forecast LNG capital expenditure   Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3993 sec (3 req/sec)