Jaccar preparing Bourbon takeover offer
Jaccar Holdings is looking to take over all of Bourbon shares, the French provider of offshore support vessel for the international oil and gas industry has informed.
“BOURBON has been informed of a proposed bid for its shares at a price of 24 euros per share, announced March 16, 2014 by its main shareholder, JACCAR Holdings,” BOURBON said in a press release.
This offer is conditional upon obtaining 50.1% of the capital and bank financing. This offer would allow JACCAR Holdings to strengthen its position in BOURBON’s share capital and provide liquidity to shareholders.
According to a press release issued yesterday by JACCAR, this offer price represents a premium of respectively 19% compared with the volume-weighted average of the last 100 trading days, and 24% compared with the closing price on the day preceding the announcement, valuing the company at around $2.48 billion.. JACCAR Holdings has indicated that they do not intend to implement a squeeze-out following the completion of this offer.
JACCAR Holdings already owns 26.2% of the share capital of BOURBON representing 27.3% of the voting right.
The proposed offer will be filed with the financial market authorities, and the terms of the Offer will be subject to the discretion of the AMF. The Board of Directors of BOURBON has been informed of this offer and will conduct a preliminary review of the key terms of the public offer at a meeting to be held March 21, 2014.
JACCAR Holdings, based in Luxembourg, is the private investment company of Jacques de CHATEAUVIEUX, which is mainly focusing on businesses in the maritime sector. JACCAR Holdings is notably the main shareholder of Bourbon, Greenship Bulk, Greenship Gas and Sapmer Holdings, as well as a reference shareholder of the Chinese shipyard Sinopacific Shipbuilding.