Boskalis Launches Mandatory Offer for Dockwise Shares

With reference to the announcement of 21 December 2012 in which Boskalis announced its decision to make an all cash voluntary public offer for Dockwise, Boskalis today announced that it has resolved to make a mandatory offer for all the issued and outstanding ordinary shares of Dockwise (the Shares) at a price of EUR 18.50 per Share cum dividend (the Offer).

As per the date of this announcement, the offer price per Share equals NOK 137. The Offer is being made through Boskalis’ wholly owned subsidiary Boskalis Holding B.V.

Today, Boskalis acquired 2,016,030 Shares. The Shares were purchased at an average price of EUR 18.50 with a maximum price of EUR 18.50, which equals NOK 137.

Boskalis now holds approximately 38.39% of the Shares, as a result of which the mandatory offer obligation pursuant to Section 6-1 of the Norwegian Securities Trading Act is triggered. Together with the irrevocable commitments obtained by Boskalis in connection with the Offer, approximately 88.59% of the Shares is already acquired by, or committed to, the Offer.

Boskalis has resolved all relevant outstanding conditions making the launch of the mandatory offer possible. Boskalis has completed its due diligence of Dockwise, successfully raised EUR 320 million equity and secured EUR 1.3 billion of committed financing arrangements, progressed the relevant antitrust filings and has obtained a positive advice from the relevant works council.

Determination mandatory offer price

The offer price will be determined in accordance with Section 6-10 of the Norwegian Securities Trading Act. Boskalis did not acquire, nor agreed to acquire, any Shares at a price exceeding EUR 18.50 (or, at any moment in time, the NOK equivalent) during the six months period prior to today.

Timetable

The voluntary offer document submitted to the regulators earlier will be withdrawn. Boskalis will submit a request for approval of its mandatory offer document (the Offer Document) to the Oslo Stock Exchange and the Netherlands Authority for the Financial markets as soon as possible following this announcement. The Offer Document is expected to be published and the Offer is expected to commence in the week of 4 February 2013.

[mappress]
Press release, January 30, 2013