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Dockwise ramps up Fairstar takeover battle
Posted 15.05.2012 15:15:00 av John Bradbury
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Dutch based Dockwise has launched a mandatory hostile takeover offer for shares in rival Fairstar Heavy Transport which it does not already own.

Oslo-listed Dockwise – which is one of the major players in the marine transport market, moving oil and gas platforms around the world, said it is launching the offer through subsidiary Dockwise White Marlin BV, based on NOK 9.30 per Fairstar share for the 46% of Dockwise it does not already own.

Norwegian financiers Pareto Project Finance and Pareto Securities are advising Dockwise in relation to the takeover move, which follows an agreement by Dockwise to acquire 26% of Fairstar's share through a previous deal in April with another Fairstar shareholder Oceanus.

Dockwise said the offer today is a 22% premium on the closing share price of Fairstar on the Oslo stock market on 20 April.

Reports suggest that the Dockwise approach values Fairstar at around NOK 830 million – US $145 million.

Dockwise’s approach puts a total equity value of NKr830m ($145m) on its smaller rival, which ended 2011 with net debt of $154m.
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