Dockwise Says Boskalis Offer is Undervalued

Dow Jones
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November 29, 2012

Dockwise’s Blue Marlin. Photo: Dockwise

AMSTERDAM–Dutch sea-transporting company Dockwise Ltd. (DOCKW.AE) said Thursday that Monday’s offer price by Dutch dredging company Royal Boskalis Westminster (BOKA.AE) on all of Dockwise’s outstanding shares undervalues of the company.

In a statement, Dockwise says that the offer of EUR17.20 per share undervalues the company and has asked Boskalis for more clarity on the offer.

Dockwise says it has consulted with several of its major shareholders who represent some 25% of the total share capital of Dockwise and they have communicated their dissatisfaction with the offer. Dockwise admits seeing various merits in the strategic rationale for a combination, however, the Board of Directors thinks that the current offer price does not reflect its potential.

Both companies are scheduling a meeting to be held soon.

The Amsterdam Bureau of Dow Jones Newswires contributed to this article.

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