Boskalis Loses Case Over Fugro’s Protective Measures
The Dutch court in summary proceedings on Tuesday ruled against marine engineer Boskalis to have a shareholders’ vote at Fugro’s annual shareholders’ meeting scheduled for April 30, 2015 on termination of a defense mechanism used by Fugro.
This was set into action, last week, when Fugro received a writ of summons from Boskalis to, according to Fugro, force a shareholder vote on anti-takeover protections.
According to Boskalis, construction of protective measures is not proportional, not transparent and also contrary to the general principles of good governance that can lead to a situation in which Fugro against its own will might lose control of a significant part of its business.
Fugro rejected Boskalis’ claim, saying that its offer to discuss its protection measures at a shareholder meeting without holding a vote.
Earlier this year, Boskalis increased its holding in Fugro to 20 percent, which Fugro characterized as unsolicited stake building, insisting that the company values its independence and that the company has set up these protective measures in place for many years to safeguard its independent position.
Update; March 18, 2015
Fugro informed that Boskalis has withdrawn its request and accompanying explanation for an agenda item in respect of one of Fugro’s protective measures on Fugro’s Annual General Meeting.