Boels Rental has increased its offer price for Cramo’s shares by €0.50 to €13.75 per share, valuing Cramo at approximately €614 million.
So far 80.4% of Cramo’s shares have been tendered under the offer, and Boels must attain at least 90%. This increased offer is an effort to encourage the remaining shareholders to accept the offer.
Boels’ CEO Pierre Boels said, “We continue to have a strong conviction in the strategic combination of Boels and Cramo, and the support for the offer by a vast majority of Cramo’s shareholders underscores this.
“While we believe that our original recommended offer was already an excellent deal for Cramo shareholders, our increased and final offer represents further upside for Cramo shareholders and we look forward to completing the offer on this basis.
“For those shareholders who have not yet accepted the offer and would like to, we would urge you to do so without delay.”
The announcement follows the recent extension of the offer period from 9 January to 31 January.
The increased offer price represents a premium of approximately 36.1% compared to the closing price of Cramo’s shares on Nasdaq Helsinki on 4 November, 2019, before the announcement by Cramo that it was evaluating a potential tender offer.
Cramo’s board of directors has recommended that the tender offer be accepted.
Boels has already received approval for the acquisition from competition authorities.