Dockwise turns back on Boksalis takeover offering

By ROB WATTS London

 06 December 2012 23:59 GMT

MANAGEMENT and shareholders in maritime transport group Dockwise have rejected an $880 million takeover offer by Boksalis, the world’s biggest dredger, as too low.

Dockwise said it saw advantages in the possible tie-up but that the current offer price of €17.20 ($22.42) — a 61% premium on Dockwise’s closing price on 23 November — undervalued it.

Dockwise said: “At this preliminary stage the board sees various merits in the communicated strategic rationale of a potential combination of Dockwise and Boskalis.

“However, the board is of the opinion that the current intended offer price of €17.20 per share cum dividend undervalues Dockwise and does not reflect its potential.”

Meetings between the two companies were being scheduled, Dockwise said.

Boskalis launched…

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