Boskalis' $881 million bid to buy Dockwise

By Iain Esau London

 29 November 2012 23:59 GMT

Netherlands-based Royal Boskalis Westminster has made an unsolicited €682 million ($881.5 million) bid to acquire marine transport company Dockwise.

Boskalis, a dredging and earthmoving specialist that acquired Smit International in 2010, said the offer of €17.20 per share represented a premium of about 61% on Dockwise’s closing price on 23 ­November.

Dockwise, incorporated in ­Bermuda and which recently succeeded in a hostile takeover of Fairstar Heavy Transport, ­rebuffed the offer.

Chief executive Andre Goedee said: “The company is well suited to manage its next steps on a standalone basis”.

He said the medium-term outlook will likely see Dockwise establishing a record work backlog in the near future, so any offer “should fully reflect…

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