Saverys fails in second attempt to take Exmar private

Saverex, the holding company of the family of Nicolas Saverys, has again failed to take Belgian shipping firm Exmar private.

The firm officially launched the offer in June to buy all shares and stock options in Exmar which are not already directly or indirectly in the possession of Saverex or its affiliates.

It offered a price of 12.10 euros per share, minus the dividend of 1 euro per share, resulting in a price of 11.10 euros per share ($11.9 per share).

Following the completion of the initial accepted period in July, Saverex had 44,234,979 shares in Exmar, representing 74.35 percent of the outstanding shares in Exmar.

Taking into account the shares in Exmar held by Nicolas Saverys and by Exmar, this represented 77.76 percent of the outstanding shares.

Saverex decided to voluntarily reopen the bid without conditions from August 28 to September 15 and also decided to keep the same price as in the initial bid.

According to a statement by Exmar issued on September 20, Saverex now holds a total of
47,812,252 shares in Exmar, representing 80.36 percent of the outstanding shares in the shipping firm.

Taking into account the shares in Exmar held by Nicolas Saverys and by Exmar, this represents 83.76 percent of the outstanding shares, it said.

However, conditions of the bid include that Saverex and its affiliates must hold at least 95 percent of all shares in Exmar to take it private.

The payment of the bid price for the shares offered during the voluntary reopening is scheduled for October 2, Exmar said.

Exmar operates a fleet of LPG carriers and owns the 26,000-cbm barge-based FSRU Eemshaven LNG, which serves Gasunie’s facility in Eemshaven.

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