SvitzerWijsmuller relaxes Adsteam takeover conditions
Global towage and salvage company SvitzerWijsmuller has opted to waive, among other conditions, the United Kingdom competition approval attached to its offer for Australia's Adsteam Marine Ltd.
SvitzerWijsmuller, owned by Denmark’s AP Moeller-Maersk, now only requires a 90 percent minimum shareholder acceptance.
The company has offered A$2.581 ($2.04) per share to Adsteam's shareholders, including the whole of the interim dividend declared by Adsteam. The total value of the takeover is about A$700 million ($552.2 million).
Following the relaxation of SvitzerWijsmuller conditions, and the absence of a rival bid, Adsteam's board urged shareholders to accept the offer 'without delay.' The offer is scheduled to close on March 16.
'Having reached a decision to sell Adsteam's Liverpool business and to waive all outstanding bid conditions other than the 90 percent Minimum Acceptance Condition, we are now even closer to realizing our vision of creating a global player in, and a preferred provider of, safety and support services at sea,' said Jesper T. Lok, SvitzerWijsmuller's chief executive officer.
In a related development, Adsteam has just announced a 22 percent rise to its first-half net profit to A$25.8 million ($20.4 million).
SvitzerWijsmuller relaxes Adsteam takeover conditions
