Boskalis and HAL Holding agree on non-financial terms of offer but not price

HAL announced its intention to make a voluntary public offer for Boskalis on March 10 2022. Since then, the Supervisory and Management Boards of Boskalis, as well as financial advisors, Rabobank and AXECO Corporate Finance, have taken the offer into consideration and performed valuation analyses. The two companies agree on non-financial terms of the offer, but not on price.

Based on these independent valuations, Boskalis considers the intended offer price per share proposed by HAL to be reasonable, but is not sufficiently convincing to recommend this price to its shareholders. The negotiations ongoing between the two groups in the last few weeks have not yet yielded any results. More specifically, Boskalis did not persuade HAL to increase its offer.

Boskalis will therefore present the offer to shareholders with a neutral view on price, while providing them with the option to tender the shares under the intended offer.

An agreement regarding non-financial covenants like strategy, governance, organisation, financing and employees, was reached for a period of 4 years, upon completion of the offer. Boskalis will positively present the non-financial conditions of the offer to its shareholders, as it is considered to be in their best interest.

If and when HAL launches the offer, Boskalis will publish its position statement in relation to the offer, then convene an Extraordinary General Meeting of Shareholders to further explain its views.

Author: Emma Dailey

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