Smit agrees to sweetened Boskalis deal
25 January 2010
Smit and Boskalis have signed a merger protocol following an improved acquisition deal from Boskalis. Under the new terms Smit shareholders will also get a € 2,75 dividend for 2009.
Changing the terms of the deal to ex-, rather than cum-dividend effectively values Smit at € 1,11 billion, up from the € 1,06 billion price tag of Boskalis' November offer. It is also interesting to note that this also exceeds the € 62,50 per share hostile offer from Boskalis that Smit rejected at the end of 2008.
This latest offer is being recommended to Smit shareholders by its Management Board, although it only has majority approval from the Supervisory Board, rather than a unanimous seal of approval. The dissenting member of the Supervisory Board, Mr W. Cordia, subsequently resigned his position. A statement from Smit said his objection to the deal was on the grounds of the price being paid by Boskalis, rather than the strategic rationale for the merger.
As was the case in November, the deal is still supported by two of Smit's largest shareholders, Delta Lloyd Groep and Janivo Beleggingen.
Boskalis expects approval for the deal from the Netherlands Authority for Financial Markets to be granted by 4 February. The formal offer will then be launched in mid-February.