Boskalis Aims at 320 Million Euros Through Share Sale, Placement
Koninklijke Boskalis Westminster NV (BOKA), the world’s biggest dredging company, plans to raise 320 million euros ($423 million) in a share sale and private placement to help finance its takeover bid for Dockwise Ltd. (DOCKW)
Boskalis plans to raise about 160 million euros in a share sale to institutional investors and another 160 million euros through a private placement, the Papendrecht, Netherlands-based company said in a statement today. It increased its offer on Dec. 21, giving Breda, Netherlands-based Dockwise an enterprise value of 1.25 billion euros, compared with 1.2 billion euros in a Nov. 26 bid.
The company already obtained 1.3 billion euros of loans to help fund the proposed purchase. HAL Investments BV, Dockwise’s main shareholder who irrevocably committed its 31.7 percent stake, will maintain its 33.88 percent stake in Boskalis, the company said.
ABN AMRO Bank NV and ING Groep NV are acting as joint global coordinators and joint bookrunners for the accelerated bookbuild while Kempen & Co is acting as placing agent of the private placement. The book is expected to close in the course of tomorrow, the company said.
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