US investment firm Kohlberg Kravis Roberts (KKR) has launched an $830m takeover of Norwegian shipowner Ocean Yield after a majority of its shareholders approved the deal.
Ocean Yield’s largest shareholder, Aker Capital, representing 61.65% of the outstanding shares in the company, has irrevocably undertaken to accept the offer on the first day of the offer period. The sale should result in a cash release of around NOK4.4bn to Aker, which will be used to invest in current and new business opportunities.
The offer is for all outstanding shares in Ocean Yield against consideration in cash of NOK41 per share. It commenced on October 6 and will last until November 5 this year. KKR may extend the offer period one or several times, but no more than seven days each time until December 15.
In addition, Octopus Bidco, a company indirectly wholly owned by funds advised by KKR, has received pre-commitments from Ocean Yield’s board members and executive management, as well as certain other related parties, together holding around 2.02% of the company’s shares, to accept the offer on the last day of the acceptance period.
According to VesselsValue, Ocean Yield today has a fleet of 52 vessels, including 24 tankers, 10 bulk carriers, five vehicle carriers, four containerships and four offshore support vessels.