Maersk’s formal bid for P&O Nedlloyd effective today

Maersk’s formal bid for P&O Nedlloyd effective today    A.P. Moller-Maersk today formally launched its 2.3-billion-euro ($2.8-billion) takeover bid for Royal P&O Nedlloyd.
   As tentatively announced May 10, the giant Danish shipping group confirmed it wants to acquire all shares in Royal P&O Nedlloyd, the parent of P&O Nedlloyd, for 57 euros ($69) per share, and will pay in cash.
   The acceptance period for the offer starts today and will end Aug. 4.
   Completion of the offer is conditional on acceptance of at least 70 percent of P&O Nedlloyd shareholders agreeing to tender their shares. Royal P&O Nedlloyd's management and its biggest shareholder — the P&O group — are recommending acceptance of the takeover.
   Royal P&O Nedlloyd will have an exceptional shareholder meeting July 21 to discuss the $2.8 billion takeover, the largest in the container shipping industry.
   The unopposed takeover appears to be moving quickly towards consummation. “Some investors had been hoping for a competing bid, but none has materialized,” Reuters reported. The takeover is expected to be completed in August.
   If the takeover bid is completed, Maersk plans to “squeeze out” remaining minority shareholders who, under Dutch regulations, will have to sell their shares. If possible, Maersk will also take Royal P&O Nedlloyd off the Amsterdam stock exchange.