Saverys fails in new attempt to take Exmar private

In 2023, Saverex failed to take Exmar private in two attempts.

Last month, the firm launched the new voluntary and conditional public takeover bid for all shares of Exmar not already owned by it or persons affiliated with it as part of its attempts to take the shipping company private.

The bid related to the remaining 6,915,327 shares or 11.62 percent in Exmar.

It offered a price of 11.50 euros per share ($12.4 per share), saying the bid price will be reduced on a euro-for-euro basis by the gross amount of any distributions made by Exmar to its shareholders.

During the initial acceptance period, 2,375,542 shares in Exmar, representing 3.99 percent of the outstanding shares in the company, were tendered into the bid, according to a statement by Saverex.

As a result, Saverex would hold a total of 53,100,056 shares in Exmar, representing 89.24 percent of the outstanding shares in the company.

Taking into account the shares in Exmar held by Nicolas Saverys (7,924 shares) and by Exmar (1,956,013 shares), Saverex and persons affiliated with it together would hold 55,063,993 shares, representing 92.54 percent of the outstanding shares in Exmar.

Bid to be reopened

Saverex said it had decided to waive the 95 percent acceptance threshold, and has consequently decided to proceed with the bid.

The payment of the bid price for the shares offered during the initial acceptance period is scheduled for March 27.

Saverex said the bid will be reopened unconditionally from March 27 to April 16.

“Shareholders who have not yet accepted the bid will thus be able to accept the bid during this second acceptance period,” the company said.