Saverco, led by its chairman Marc Saverys, plans to launch a voluntary and conditional public takeover offer for all outstanding shares in CMB, which would take the company back into private ownership.
Currently, Saverco and the persons affiliated with Saverco, hold a combined 50.80% stake (17,781,092 shares) in CMB.
The company’s bid price is €16.20 per share, which is a 20.45% premium on yesterday’s closing stock price and 20.7% more than today’s closing price of €13.42 per share.
After the close of the bid, Saverco intends to launch a simplified squeeze-out bid, if the conditions for such a squeeze-out bid are met. Saverco has the intention to delist CMB from Euronext Brussels.
Saverys commented: “CMB’s public listing with its limited liquidity has become a handicap for the further development and long term strategy of the company in rapidly changing shipping markets. Through the privatisation of the company, CMB will be able to compete in a more efficient way with competitors from Asia and the United States by focusing on the consolidation and specialisation of the shipping segments in which the company is active. The delisting will also give CMB more flexibility in accessing alternative financing instruments.”