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.