Boskalis plants flag in Dockwise takeoverDutch dredging company Boskalis has launched a takeover of Dutch marine contractors Dockwise; the company announced its intentions on 26 November 2012.
On Monday, Boskalis offered the company $884 million, 17.20 euros per Dockwise share, a 61% premium. After the announcement, it preceded to gobble up Dockwise stock; and by Tuesday, Boskalis acquired a 33% stake in the company, becomimg Dockwise's largest shareholder.
Boskalis said that adding Dockwise to the company would provide new strategic opportunities for its accelerated grown in the offshore sector.
"The combination creates a world class maritime player, well positioned for the offshore energy market," said Peter Berdowski, CEO Boskalis. "This step fits in our growth strategy aimed at broadening our service offering for clients in the oil and gas sector. We are convinced that the addition of Dockwise to our group will structurally create value, as we have also demonstrated with SMIT. Furthermore, the addition will result in a strong increase of our EBITDA."
The planned acquisition is backed by Dockwise shareholder HAL Investments, which holds 32% of outstanding shares.
Dockwise said on Monday that it will review the offer.
"This unsolicited approach for our company has arrived not only during a phase of successful strategic development, but also during a period of intense tendering in the upstream arena. With the strategic acceleration in logistic management and the addition of new vessels, such as the Dockwise Vanguard and the Dockwise White Marlin, the Company is well positioned in the Oil and Gas upstream and downstream environment. From this position the Company is well suited to manage its next steps on a standalone basis," Dockwise CEO André Goedée said.
Any offer, Goedée said, should reflect the company's strong market position. He pointed to the upstream and downstream sectors' positive medium turn outlook as an indicator that Dockwise can establish new backlog in the near future.
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