Possible takeover of Siem Offshore edges nearer

Possible takeover of Siem Offshore edges nearer

Siem Europe has received acceptances to acquire a further 110,855 shares in Siem Offshore, which will raise its stake in the Oslo-listed company to 65.5% as it continues its strategy to acquire all the company’s outstanding shares.

The Siem Industries subsidiary received acceptances for the tranche of shares on October 9 at the offer price of NOK 1.80 per share.

Siem Europe was obliged to make a mandatory bid for the remaining outstanding shares in Siem Offshore after it purchased 390,929,148 shares in the company on September 4, raising its stake from 34.39% to 62.26%.

The shares acquired represented more than one-third of the voting rights in the company, which prompted the bid in compliance with the Norwegian Securities Trading Act.

Since the offer period commenced, Siem Europe has received acceptances for the acquisition of 113,855 shares in total, at the offer price of NOK 1.80 per share.

This will raise Siem Europe’s stake in its offshore affiliate to 551,833,483 shares at the end of the offer period, representing 65.5% of Siem Offshore’s issued shares.

The acceptance period expires at the close of trading in Oslo on November 4.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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