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Boskalis offer undervalues Dockwise, says Board

November 30 - Some 25 percent of Dockwise shareholders are dissatisfied with the price offered by Royal Boskalis Westminster (Boskalis) earlier this week, says the company that has gone from diner to dinner.

The comment mirrored similar statements made by Fairstar when it was subject to a hostile and ultimately successful takeover by Dockwise earlier this year.

Pending a meeting of the two companies to be held shortly, Dockwise said its Board of Directors has - together with its advisers - started to review the consequences of a potential combination of Dockwise with Boskalis for the company as a whole, including its shareholders, as well as the employees, clients and other stakeholders.

That might be too late. Having already acquired 33 percent of the outstanding ordinary shares in Dockwise since the offer was made this week; and with a further 32 percent owned by HAL Investments said to be irrevocably committed to Boskalis, that leaves the latter in a very powerful position and observers say a conclusion seems inevitable by the first quarter of 2013.

The Dockwise Board says it sees various merits in the communicated strategic rationale of a potential combination of Dockwise and Boskalis, but is of the opinion that the current intended offer price of EUR 17.20 per share cum dividend undervalues Dockwise and does not reflect its potential.

Lloyd's List reported Wednesday that the shares purchased this week were at an average price of EUR17.04, with a maximum price of EUR17.20, a substantial premium on Dockwise's closing price on November 23 of EUR10.66 a share.

Philip Adkins, ex-ceo of Fairstar, says it is "a brilliant move by Boskalis" adding that "Boskalis is a well-run and well-capitalised company and has been able to get control of Dockwise on very attractive terms".

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