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Dockwise increases stake in Fairstar by 0.4 percent

June 18 - Last Friday, Dockwise announced that it had increased its shareholding in Fairstar Heavy Transport to approximately 60.4 percent, after its extended deadline for acceptance of the earlier mandatory offer had elapsed.

Dockwise says that it now holds 53.9 million shares in Fairstar.

Last week, following an announcement by Dockwise that it had increased its stake to 60 percent, Philip Adkins, CEO, of Fairstar said: "Most of the original 54 percent of their (Dockwise) stake was purchased from financially distressed companies and poorly performing fund managers under pressure to raise cash."

In light of Friday's news it would appear that a significant number of outstanding shareholders share Fairstar's opinion that the Dockwise offer undervalues the shares and agree with Adkins "that Fairstar is immediately accretive to Dockwise up to NOK14 per share."

The market seems to be confirming the Fairstar view that NOK9.3 is insufficient and it remains to be seen if Dockwise will now raise its offer to close out this deal and end the stalemate.

Heavy Lift | News

Fire outbreak at US port thumbnail image

Fire outbreak at US port

June 5 - A fire broke out aboard Höegh Autoliners’ ro-ro vessel Höegh Xiamen yesterday (June 4) at Blount Island, Jacksonville, USA; there are no injuries to any of the 21 crew members, who have all been evacuated from the vessel.
Views: 453
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Intradco charters AN-225

June 5 - Intradco Global, in collaboration with GTA GSM, charted the Antonov AN-225 freighter aircraft to transport nearly 1,000 cu m of medical supplies and personal protective equipment (PPE).
Views: 413
Pacific Osprey returns to service  thumbnail image

Pacific Osprey returns to service 

June 5 - Swire Blue Ocean’s (SBO) wind farm installation vessel Pacific Osprey has returned to service following the installation of its extended crane boom in Denmark. 
Views: 496

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