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Boskalis and HAL agree on increased takeover offer

By: Tom Russell 01/09/2022 Boskalis

Corporate General

In a joint press release from HAL Holding N.V. (HAL) and Royal Boskalis Westminster N.V. (Boskalis) it was revealed that the two firms have agreed on an increased price offer for outstanding ordinary shares in the capital of Boskalis.

HAL increased its Offer Price from EUR 32.00 to EUR 33.00 (cum dividend) in cash per Share (after adjustment for the EUR 0.50 cash dividend paid in May 2022 by Boskalis) as final price.

The Increased Offer Price plus the EUR 0.50 dividend paid by Boskalis in May 2022 represents a premium of approx. 32% to the closing price per Share prior to the Initial Announcement.

Boskalis Boards unanimously recommend Shareholders to accept the Offer. AXECO and Rabobank issued Fairness Opinions that the Increased Offer Price is fair.

Boskalis is also to cooperate with Post-Offer Restructuring if HAL acquires between 85% and 95% of the Shares

The Acceptance Period for the offer has been extended until Tuesday 6 September 2022, 17:40 hours CET.

Boskalis recently issued its first half year results. Compared to last year, revenue increased by 22% to EUR 1.61 billion (H1 2021: EUR 1.32 billion). EBITDA increased by 29% to EUR 292 million (H1 2021: EUR 226 million), including a book profit of EUR 50 million from the sale of Keppel Smit Towage. Operating profit including exceptional items increased by 47% to EUR 143 million (H1 2021: EUR 97 million).

Net profit amounted to EUR 116 million, including EUR 37 million in exceptional items, whereas a year ago a net profit of EUR 72 million was reported.

Within its Offshore Energy division, revenue increased by 3% and the EBITDA result increased by 29%. According to Boskalis, a sharp decline in the contracting activities, partly due to a volume decline at Subsea Cables, was more than offset by a good half year at the services part of the division.

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Boskalis and HAL agree on increased takeover offer

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