Dockwise and Fairstar merger ends dispute

By Bill Lehane

 19 July 2012 22:59 GMT

DUTCH heavy-lift rivals Dockwise and Fairstar have agreed to merge and drop outstanding legal cases between them in a deal that effectively ends their hostile takeover wrangle, writes Bill Lehane.

Fairstar’s management has agreed to recommend an offer of Nkr10 ($1.63) per share for the remaining shares that Dockwise does not already own.

Dockwise acquired most of the stock at its earlier offer price of Nkr9.3 per share, which valued Fairstar at Nkr830 million ($135.92 million). Andre Goedee, chief executive of Dockwise, said the newly combined outfit would stay in the Netherlands and gain an “accelerated market position” in marine transport and services.

Fairstar bosses had been refusing to endorse the Dockwise offer or relinquish control of the company, even after Dockwise gained…

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