STX swoops in to buy Aker Yards
South Korea's STX Corp. has made a mandatory offer for all the issued shares in Aker Yards ASA of NOK 63 per share after increasing its shareholding in the Norwegian shipyard above 40 percent.
Aker said its board of directors were not advised of the details of the bid prior to the offering to the market and other shareholders. In response Aker said it would review the offer with its advisors Arctic, JP Morgan and Wikborg Rein and bring forward its second quarter financial results by a week to Aug. 8.
'The board's recommendation at this point is for the shareholders to await the board's comments and the second quarter financial statement, as this will provide the shareholders with the broadest possible information and foundation for their evaluation,' Aker said in a statement.
Aker builds a combination of cruise vessels and ferries, merchant vessels and offshore and specialized vessels at 18 yards in Brazil, Finland, France, Germany, Norway, Romania, Ukraine and Vietnam. It has about 21,000 employees.