Dredging group Boskalis plans to make a cash offer for Smit International, valuing the maritime services group at €1.1bn.
Boskalis is to offer €62.50 a share for Smit, a premium of 30% on its closing stock price on Friday.
In a statement issued on Monday, Boskalis said the offer represents ‘full and fair’ value to shareholders and will create a ‘world class maritime services provider’.
Boskalis will sell off Smit’s harbour towage activities, integrate the terminal unit into its Lamnalco operations and integrate the rest of the company into its own operations.
Smit’s management and supervisory board have yet to react publically to the offer.
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