Smit, Boskalis Merger Protocol

Tuesday, January 26, 2010

Royal Boskalis Westminster N.V. (Boskalis) and Smit Internationale N.V. (Smit) announced that they have signed a merger protocol for a full merger of the two companies. The transaction will be effectuated through an all cash public offer of $84.5 ex dividend (instead of cum dividend as previously anticipated) by Boskalis for all outstanding shares in Smit.
 
The business combination will create a world class maritime service provider offering a strong platform for further growth. The strategic rationale of the transaction was already supported by the Board of Management and Supervisory Board of both Boskalis and Smit. As previously indicated two large shareholders of Smit, Delta Lloyd Groep and Janivo Beleggingen, have already confirmed an irrevocable undertaking to support and accept the proposed offer. In the merger protocol, Boskalis has agreed to a 2009 dividend payment to Smit shareholders of $3.87 per share. RBS has provided to Smit a fairness opinion with regard to the offer price.

Based on the above, the Board of Management and a majority of the Supervisory Board of Smit have decided to recommend the offer to its shareholders. Boskalis will submit the draft offer memorandum with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) for approval no later than 4 February 2010. In line with the statutory timetable, Boskalis expects to launch the offer in the second half of February. Boskalis will declare the offer unconditional if more than 75% of the outstanding Smit shares are tendered. In addition, the offer will be subject to the customary conditions.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Russia May Allow More Firms to Offshore Oil

Russia may allow more oil companies to access its offshore projects, Energy Minister Alexander Novak said on Friday.   "In general, the access can be extended," Novak told reporters in Moscow.

Garamendi Introduces Bipartisan GPS Backup Bill

Congressman John Garamendi (D-Fairfield, CA), the Ranking Member of the House Transportation and Infrastructure Subcommittee on the Coast Guard and Maritime Transportation,

Soo Locks Open for Great Lakes Shipping Season

At 12:01 a.m. on Wednesday, the U.S. Army Corps of Engineers officially opened the Soo Locks for the start of the 2015 Great Lakes shipping season.   The locks at Sault Ste.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1733 sec (6 req/sec)