Holding company HAL Holding has formally launched an offer to acquire Dutch offshore, dredging, marine and towage contractor Boskalis
HAL has previously stated it believes given Boskalis’ business characteristics, the long-term nature of its larger projects – typically spanning multiple years – and the cyclicality of its underlying markets, the company would benefit from private ownership with a long-term investment horizon and such private ownership could also enhance M&A opportunities.
The public offer by HAL Bidco, a wholly-owned subsidiary of HAL Holding, for all issued and outstanding ordinary shares of Boskalis, values the company’s shares at €32.50 (US$34.20), adjusted to €32.00 for a €0.50 cash dividend paid in May 2022 by Boskalis.
The offer price represents a premium of 28% to both the pre-announced closing price and three-month volume-weighted average price.
The acceptance period for the offer runs from 27 June 2022 to 2 September 2022. Completion of the offer is expected in Q3 2022.
HAL said the Boskalis board has unanimously resolved to support and co-operate with the implementation of the offer but will present the offer to the shareholders with a ‘neutral’ view of the offer price.
HAL said it supports Boskalis’ current business strategy and endorses the ESG principles and policies of the company. No changes are envisaged to the composition of the company’s board of directors.
Boskalis said it will shortly announce the date and publish an agenda for an extraordinary general meeting (EGM) of shareholders, to be held in accordance with the provisions of the Dutch Decree on Public Takeovers. At the EGM, the board of management and supervisory board of Boskalis will discuss the offer, including the financial and non-financial aspects of it. Boskalis said it will publish a position statement regarding the offer shortly.
