Dockwise Ltd: Dockwise Update on Intended Offer Boskalis
BREDA, NORWAY -- (Marketwire) -- 11/29/12 --
* Dockwise asked Boskalis for clarification
* Dockwise sees various merits in the strategic rationale for combination
* Current offer price undervalues Dockwise
BREDA, THE NETHERLANDS Immediately following announcement of the
unsolicited intended offer of Royal Boskalis Westminster N.V.
for the acquisition of all outstanding shares of
Dockwise Ltd. (''Dockwise''),
Dockwise invited Boskalis to clarify
its offer. Dockwise and Boskalis are scheduling a meeting to be held
In the meantime the Board of Directors of Dockwise has -- together
with its advisers -- started to review the consequences of a
potential combination of
Dockwise with Boskalis for the company as a
whole, including its shareholders,
as well as the employees, clients
and other stakeholders.
Dockwise has taken notice of the acquisition by Boskalis of 33% of
shares. In addition Dockwise consulted with various large
and several minority shareholders, together
representing some 25% of the total
share capital of Dockwise, have
communicated their dissatisfaction with the current offer price.
At this preliminary stage the Board of Directors sees various merits
in the communicated strategic rationale of a potential combination of
Dockwise and Boskalis. However, the Board of Directors is of the
opinion that the current
intended offer price of EUR 17.20 per share
cum dividend undervalues Dockwise
and does not reflect its potential.
This is a press release in accordance with Section 5:25i paragraph 2
of the Dutch Financial Supervision Act (Wet op het financieel
toezicht) and is subject
of the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
About Dockwise Ltd. / Dockwise Group
Dockwise Ltd., a Bermuda incorporated Company, has a workforce of
more than 1,300 people both offshore and onshore. The Company is the
leading marine contractor providing total transport services to the
offshore, onshore and yachting industries as well as installation
services of extremely heavy offshore
platforms. The Group is
headquartered in Breda, the Netherlands. The Group's
offices are locate
d in the Netherlands, the United States and
with sales offices in Korea, Australia, Brazil, Russia, Singapore,
Malaysia, Mexico and Nigeria. The Dockwise Yacht Transport business
unit is headquartered in Fort Lauderdale and has an office in Italy.
The Dockwise Shipping network is supported by agents in Norway,
Argentina and Italy.
To support all of its services to customers, the group also has three
engineering centers in Houston, Breda and Shanghai,
manufactures specific motion
reduction equipment such as LMU (Leg
Mating Units) and DMU (Deck Mating Units)
and operates a fleet of 25
purpose built semi-submersible vessels (including
Finesse and White Marlin).
Dockwise shares are listed on the Oslo Stock Exchange under ticker
DOCK and on
NYSE Euronext Amsterdam under ticker DOCKW.
For further information: www.dockwise.com
This information is subject of the disclosure requirements pursuant
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Dockwise Ltd via Thomson Reuters ONE
For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952
T: +31 (0)76 5484116
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