Netherlands offshore contractor Royal Boskalis Westminster (Boskalis) has reached agreement on non-financial terms with HAL Holding, which in March launched a €4.2 billion ($4.4 billion) takeover bid.

However, Boskalis reckons the price is “not sufficiently convincing” to recommend this price to its shareholders.

Since the €32.50 per ordinary share offer was made, heavy-lift and dredging company Boskalis, assisted by its advisors, has carefully considered all aspects of the intended offer.

Financial advisors Rabobank and Axeco Corporate Finance performed independent valuation analyses using numerous valuation methodologies, as well as additional strategic and financial analyses.