Bourbon Names Directors to Examine Takeover Offer From Jaccar
Bourbon SA (GBB), the French shipowner that received a takeover bid this month, formed a committee to examine the offer that valued the shipowner at $2.5 billion.
The group comprises independent directors Agnes Pannier-Runacher, Guy Dupont, Philippe Sautter and Mahmud Tukur, the Paris-based company said today in a statement.
Jaccar Holding, a company controlled by Bourbon Chairman Jacques de Chateauvieux, offered 24 euros ($33) a share on March 17, sending the stock soaring. Closely held Jaccar, already with a 26.2 percent stake, is bidding on the expectation that higher spending in deep-water areas by energy producers and explorers will buoy demand for Bourbon’s oilfield-service vessels.
“The board will make a decision on the basis of their recommendations when the final terms of the offer are known,” Bourbon said in today’s statement following a board meeting, without indicating a date.
Bourbon also announced proposed board changes, with Dupont and Sautter to be replaced by Bernard Schmidt and Philippe Salle, pending shareholder approval. Astrid de Breon would replace Armand de Chateauvieux and Wang Xiaowei would replace Lan Vo Thi Huyen, according to the statement.
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