BREDA, NORWAY--(Marketwire - Nov 29, 2012) -
* Dockwise asked Boskalis for clarification
* Dockwise sees various merits in the strategic rationale for combination
* Current offer price undervalues Dockwise
BREDA, THE NETHERLANDS Immediately following announcement of
the unsolicited intended offer of Royal Boskalis Westminster N.V.
for the acquisition of all outstanding shares of Dockwise Ltd.
Dockwise invited Boskalis to clarify its offer. Dockwise and Boskalis are
scheduling a meeting to be held shortly.
In the meantime the Board of Directors of Dockwise has -- together with its
advisers -- started to review the consequences of a potential combination
Dockwise with Boskalis for the company as a whole, including its
as well as the employees, clients and other stakeholders.
Dockwise has taken notice of the acquisition by Boskalis of 33% of the
shares. In addition Dockwise consulted with various large Dockwise
and several minority shareholders, together representing some 25% of the
share capital of Dockwise, have communicated their dissatisfaction with the
current offer price.
At this preliminary stage the Board of Directors sees various merits in the
communicated strategic rationale of a potential combination of Dockwise and
Boskalis. However, the Board of Directors is of the opinion that the
intended offer price of EUR 17.20 per share cum dividend undervalues
and does not reflect its potential.
This is a press release in accordance with Section 5:25i paragraph 2 of the
Dutch Financial Supervision Act (Wet op het financieel toezicht) and is
of the disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.
About Dockwise Ltd. / Dockwise Group
Dockwise Ltd., a Bermuda incorporated Company, has a workforce of more than
1,300 people both offshore and onshore. The Company is the leading marine
contractor providing total transport services to the offshore, onshore and
yachting industries as well as installation services of extremely heavy
platforms. The Group is headquartered in Breda, the Netherlands. The
main commercial offices are located in the Netherlands, the United States
China with sales offices in Korea, Australia, Brazil, Russia, Singapore,
Malaysia, Mexico and Nigeria. The Dockwise Yacht Transport business unit is
headquartered in Fort Lauderdale and has an office in Italy. The Dockwise
Shipping network is supported by agents in Norway, Argentina and Italy.
To support all of its services to customers, the group also has three
engineering centers in Houston, Breda and Shanghai, manufactures specific
reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating
and operates a fleet of 25 purpose built semi-submersible vessels
Dockwise Vanguard, Finesse and White Marlin).
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and
NYSE Euronext Amsterdam under ticker DOCKW.
For further information: www.dockwise.com
This information is subject of the disclosure requirements pursuant to
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
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originality of the information contained therein.
Source: Dockwise Ltd via Thomson Reuters ONE