Fairstar Heavy Transport N.V. (OSE: FAIR) confirmed on Sunday evening that it has received an unsolicited, conditional,offer from Dockwise ltd. (OSE: DOCK). Dockwise said it has entered into share purchase agreement for approximately 54% of Fairstar shares, with around 19% of those being unconditional. The remaining portion is conditional subject to approval of certain financing issues at Dockwise’s AGM. Following that, it aims to launch a public offer for all the remaining Fairstar shares for 9.30 NOK in cash.
Fairstar’s Supervisory and Management Board met on Sunday evening and feel that the offer ”significantly undervalues the business” and thus recommends shareholders to reject the conditional offer. Fairstar said it is aware that many shareholders have been solicited by Dockwise and recommends shareholders to be cautious about that. It also says that many shareholders have indicated they will reject the offer. The share closed at 7.62 NOK on Friday.
Fairstar has 4 vessels that specialize in marine heavy transport in high-value cargoes for energy and construction industries. Two modern semi-submersible ships are currently in operation and two 50,000DWT open-stern semi-submersibles are under construction and are to be delivered this year. The company already has secured contracts for those two. In all of its contract awards, it has competed against Dockwise for the orders.
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