Harbor Towage & Salvage Company Smit approves acquisition by Boskalis

by Hans | March 27th, 2010

ROTTERDAM – A large majority (around 90 percent) of the shareholders of harbor towing and salvage company Smit International agrees to sell to dredging company Boskalis. A source of the NRC Handelsblad reported the transaction this morning. Friday was the time limit in which at least three quarters of the shares should be notified to the merger to proceed.

Boskalis could not confirm the news today. “Monday morning we come about with a press release,” said a spokesman. Boskalis pay 60 euros per share in cash, representing a total of 1.35 billion euros including debt and the interest that Boskalis has already.


By taking over the last few weeks had raised opposition from Smit shareholders who found the bid too low. Also on the board of directors of Smit was disagreement about the transaction. After a long struggle Smit change mind after Boskalis promised not to split the Smit Company in parts. Boskalis shareholders voted earlier this month with the acquisition of Smit.


Source: Volkskrant

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