Dutch marine services company Royal Boskalis Westminster N.V. (Boskalis) and Curaçao-based HAL Holding have reached an agreement on an increased offer price related to HAL’s all-cash public takeover offer for all shares of Boskalis.
Boskalis and HAL have agreed to the offer of EUR 33 per share in cash, up from the initial offer of EUR 32. The increased offer price, plus the EUR 0.50 dividend paid by Boskalis in May 2022, represents a premium of approximately 32% to the closing price per share prior to the initial announcement on March 10, 2022.
As of the initial announcement, HAL held 46.2% of Boskalis’ issued shares.
Boskalis Boards have unanimously recommended shareholders accept the offer. Dutch financial advisory AXECO and Rabobank have both determined that the increased offer price is fair.
In the first half of 2022, Boskalis recorded a net profit of EUR 116 million amid high utilization of its large vessels and a strong increase in revenue. The company operates in the dredging, offshore energy, and towage and salvage sectors.