SvitzerWijsmuller waives last Adsteam takeover condition
Global towage and salvage company SvitzerWijsmuller has made its offer for Australia’s Adsteam Marine Ltd. unconditional by waiving its outstanding 90 percent minimum shareholder acceptance condition.
Last month, the AP Moller-Maersk-owned company dropped its United Kingdom competition approval condition after it agreed to sell Adsteam’s Port of Liverpool operation to Rotterdam-based Smit Internationale.
SvitzerWijsmuller has offered A$2.581 ($2.03) 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 ($551 million).
“Now that the final condition to the offer has been waived, we look forward to bringing the two businesses together and 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.
“Ahead of us is the important task of integrating the two organizations. Whereas we feel well prepared, we humbly recognize the importance of the work and are very conscious of not underestimating the task.”
SvitzerWijsmuller waives last Adsteam takeover condition
