December 29, 2006
Grimaldi gains majority stake in Finnlines
Demonstrating that it ain't over till it's over, Grimaldi Compagnia di Navigazione S.p.A. today announced it had purchased a total of 1,500,000 shares in Finnlines Plc. The purchase price paid for the shares is EUR 17.00 per share. Grimaldi Group companies now hold 20,392,537 shares in Finnlines, representing 50.1 per cent of all shares.
Grimaldi Group companies must now make an unconditional mandatory offer for the remaining shares of Finnlines of EUR 17.00 per share in cash.
GrimaldiÕs voluntary tender offer for all shares in Finnlines that ended on December 1, 2006 was EUR 15.95 in cash.
Grimaldi is now obligated to pay Finnlines' shareholders who accepted that offers an additional EUR 1.05 per share which equals to the difference between the offer consideration in the tender offer and the higher price paid after the tender offer.
That would put a total value on Finnlines of around $911 million.
Grimaldi Group is one of the world's largest privately owned shipping companies. Founded in 1945, by the Grimaldi family, who are still active in the company, it currently owns one of the largest fleets of ro/ro multipurpose and car carrier vessels in the world.