Posted on April 5, 2023
Belgian gas shipowner Exmar has confirmed it is the target of a public takeover bid by Nicolas Saverys’ investment company Saverex.
The Saverys family currently own 49% of Exmar and have offered €12.10 (US$13.18) per share for the remaining 51% of the company.
The offer represents a 24.74% premium on Exmar’s stock price as of closing on 31 March 2023 and between 33-46% premium above the volume weighted averages of the last one, three, six and 12 months.
The offer makes the deal worth just shy of US$400M, with Euronav reporting 30,319,382 shares outstanding.
Although the board has recommended shareholders accept the bid, it comes with conditions, according to Exmar. It must be accepted by 95% of shareholders. If the bid fails to meet the threshold, Exmar has said it “understands” that Saverex could launch a simplified squeeze out bid under the right conditions.
“Exmar understands that, if following the bid, Saverex and persons acting in concert with it hold at least 95% of the shares in Exmar and have acquired, as a result of the acceptance of the Bid, at least 90% of the shares that are subject to the bid, Saverex intends to launch a simplified squeeze-out bid,” the company said.
