Boskalis 'controls 88% of Dockwise stock'

Lifting rates: Boskalis plans to launch offer for Dockwise shares at €18.50

Dutch heavy-lift specialist Boskalis has said it will launch a mandatory offer for the remaining shares of domestic rival Dockwise after lifting its stake in the company to 38.39%.

The Papendrecht-based dredging and marine outfit bought around 2 million shares in its takeover target on Wednesday, bringing the offer past the level triggering a mandatory offer under Norwegian market rules.

Boskalis says that when taken together with stock committed to its offer, the company now controls some 88.59% of Breda-based Dockwise.

The mandatory offer, to be launched next week, is being made at €18.50 ($25.10), which was the price paid for Wednesday's share purchases.

The latest price tag is up from the €18 rate in the voluntary public offer of 21 December…

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