Saverys launches offer to take Exmar private

Saverex, the holding company of the family of Nicolas Saverys, has formally launched an offer to take Exmar private.

According to a statement by Euronext Brussels-listed Exmar on Wednesday, Saverex launched its previously announced voluntary and conditional public takeover bid on all shares and stock options in Exmar which are not already directly or indirectly in the possession of Saverex or its affiliates.

Also, the initial acceptance period with respect to the offer will open on June 8 and closes on July 6.

The offer price is 12.10 euros per share ($12.9 per share) and 2.48 euros per share option.

Following the decision of the ordinary general meeting of Exmar of May 12 to pay a gross dividend of 1 euro per share, the offer price per share and the offer price per share option will be reduced accordingly to 11.10 euros per share and 1.48 euros per share option, it said.

Saverex currently owns 26,899,431 shares in Exmar (or 45.21 percent), while Exmar owns 2,273,263 treasury shares (or 3.82 percent).

Exmar’s executive chairman Nicolas Saverys owns 7,924 shares in Exmar (or 0.01 percent).

Conditions of the bid include that Saverex and its affiliates hold at least 95 percent of all shares in Exmar.

“The bidder intends to roll out an extensive long-term investment strategy focusing on the rejuvenation of its shipping fleet with a progressive transition into lower carbon fuels and a focus on the development of long-term infrastructure projects in logistic solutions for the import and export of gas, including liquefaction and regasification technologies,” according to the bid document.

It also intends to delist the Exmar share from the regulated market of Euronext Brussels.

“The bidder expects that the bid will have no substantial impact on the interests of the employees, their employment conditions or the employment opportunities,” it 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.

Last year, Exmar sold its Tango FLNG to Eni and entered into a deal for the 2002-built steam turbine LNG carrier, Excalibur.

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