Saverco begins purchase of outstanding CMB shares

Saverco NV will attempt to buy the majority of remaining outstanding shares and privatize longtime Belgian vessel and cargo aircraft operator CMB.    Saverco NV and its affiliates, in their effort to takeover and privatize the longtime Belgian vessel and cargo aircraft operator CMB, will participate in a bid process over the next 22 days to acquire the remaining shares of the company.
   The bid for the shares, valued at 16.20 euros (about U.S. $18.40) per share, will run from Oct. 22 to Nov. 12. 
   “The bid made by Saverco concerns all 17,218,908 shares issued by CMB which are not yet held by Saverco or persons acting in concert with Saverco,” CMB said in a statement.
   The takeover of CMB is subject to a number of conditions, in particular the requirement that Saverco as a result of the bid holds at least 90 percent of the CMB shares.
   If Saverco holds at least 95 percent of the outstanding shares after the bid period, then it has the right to initiate a “squeeze-out.” If it has purchased at least 90 percent of the CMB shares that were subject to the bid, it also has the right to proceed with a “simplified squeeze-out,” CMB said.
   Saverco intends to delist CMB from Euronext Brussels.