Dutch investor HAL Holding has made an offer to take over Dutch dredging and marine services provider Boskalis.
The Curacao-based publicly traded trust controlled by the Van der Vorm family said it would offer €32.5 ($35.94) per share, a premium of 28% on Boskalis’ closing price on Wednesday, March 9.
The offer price per share represents an implied equity value for 100% of Boskalis on a fully diluted basis of €4.2bn ($4.7bn). HAL has been a shareholder of Boskalis since 1989, and currently holds 46.2% of its shares in the issued share capital.
HAL noted that it has no intention to change Boskalis’ management or governance and that it does not envisage reductions of the company’s workforce as a direct consequence of the offer. The company also said Boskalis would be better off without a listing. “HAL believes that given Boskalis’ business characteristics, the long-term nature of its larger projects and the cyclicality of its underlying markets, Boskalis could benefit from private ownership with a long-term investment horizon, and that such private ownership could also enhance M&A opportunities.”
“The board of management and supervisory board of Boskalis will carefully consider all aspects of the proposed offer in accordance with their fiduciary duties. Boskalis will update the market if and when appropriate,” Boskalis said in a statement.
Boskalis returned to black in 2021 with €151m ($167m) profit after recognising €97m loss in the year before. The company’s order book stands at €5.41bn ($5.98bn).