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Boskalis revises Dockwise offer

December 17 - Royal Boskalis Westminster has revised its voluntary offer for all remaining shares in Dutch shipping company Dockwise - upping its bid by 5 percent to EUR18 per share.

Last month Boskalis acquired 33 percent of Dockwise shares at EUR17.20. At the same time, Dockwise shareholder HAL Investments BV (32 percent) agreed to irrevocably support and accept the EUR17.20 offer.

Shareholder Project Holland BV (7.4 percent) has now pledged to support and accept the latest valuation - more than 72 percent of Dockwise shares have now been acquired or committed to by Boskalis.

The improved proposition now values Dockwise at EUR714 million with an enterprise value of approximately EUR1.23 billion.

Boskalis stated it believes the new price represents full and fair value for Dockwise shareholders.

Dockwise said it is still of the opinion that "this increased price does still not reflect the value of Dockwise Ltd."

www.dockwise.com

www.boskalis.com

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