Fincantieri’s bid for all remaining shares of Vard Holdings failed to reach the minimum threshold required to take the company private.
Fincantieri said Friday that its voluntary unconditional offer for all remaining shares launched on November 13, 2016 closed with Fincantieri holding just 74.45% of Vard’s total share capital.
Prior to the offer Fincantieri owned 55.63% of the Vard, a global designer and shipbuilder of offshore and specialized vessels, following the acquisition of a majority stake January 2013. VARD is currently listed on the Singapore Stock Exchange.
In November’s offer Fincantieri offered to pay minority shareholders SGD 0.24 per share in cash for a maximum consideration of SGD 12,646,896, or approximately EUR 82,000,000 at the exchange rate at the time. The purpose of the offer was to delist Vard from the Singapore Stock Exchange upon acquiring 90% of Vard’s shares, a limit required under Singapore law.
Vard currently owns nine shipyards in Norway, Romania, Brazil and Vietnam and employs approximately 9,000 people.