A.P. Moller salvage company extends Adsteam offer period

A.P. Moller salvage company extends Adsteam offer period    A.P. Moller-Maersk’s global towage and salvage company SvitzerWijsmuller has extended its offer period for Australian-listed Adsteam Marine Ltd. To Oct. 27, from a deadline of this Friday, to resolve issues surrounding a review from the United Kingdom’s Competition Commission.
   The extension also effectively increased SvitzerWijsmuller’s offer to A$2.581 ($1.94) per share as the company has determined to allow Adsteam shareholders to retain the whole of an interim dividend payable in October. SvitzerWijsmuller’s original offer was A$2.54 ($1.91) per share. The cash offer now has a total value of about A$704 million ($529 million).
   Adsteam’s principal business is towage operations at container, bulk and general cargo ports in Australia, the South Pacific and the United Kingdom.
   “We continue to believe the offer provides compelling value to Adsteam shareholders and is a good strategic fit. We are committed to considering opportunities to resolve the U.K. competition issues,” said Jesper T. Lok, chief executive officer of SvitzerWijsmuller.
   SvitzerWijsmuller had received acceptances for 17.06 percent of Adsteam shares, as of Sept. 20.