Boskalis abandons Smit bid
By Chris Sleight04 December 2008
Dredging giant Boskalis Westminster has abandoned its hostile takeover bid for towage, salvage and heavy transport company Smit International. The company blamed difficulties in securing the Smit Board's approval for the deal, along with difficulties in securing finance.
Commenting on the collapsed deal, Boskalis CEO Peter Berdowski said, "Over the past couple of months we have had discussions with Smit, both at the level of the Board of Management and the Supervisory Board. In these meetings various Smit break-up scenarios were suggested and discussed by both parties.
"Unfortunately we were not able to reach a transaction structure that is supported and recommended by the Board of Management and Supervisory Board of Smit.
"In view of the changed conditions in the financial markets and the market in general, we believe it is irresponsible to pursue the offer without support and cooperation from the Board of Management and Supervisory Board of Smit."