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.
"Alongside with management we will make Mols-Linien into a stronger and more attractive alternative to the Storebælt Bridge. We will invest in Mols-Linien and support the development, to strengthen its route network
, offer new services and improves the traveler's experience on board," says Polaris managing director Jan Johan Kuhl.
"We plan to delist the company. It is too small to be listed on the stock exchange," he said.
"Mols-Linien will have a dedicated, long-term and financially strong owner. We will create a stable framework and develop the Floating Bridge over the Kattegat," Kühl added.
The Mols-Linien Board is reacting positively to the tender offer and intends to make a statement on the offer, when Polaris publishes its offer document.