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