September 15, 2008
Smit to Boskalis: No thanks
Smit Internationale has rejected an invitation to meet with Boskalis to enter into discussions in relation to a contemplated transaction.
Smit said Boskalis' proposal comprises:
the acquisition of SMIT by way of a public offer (EUR 62.50 per share)
followed by a split up of SMIT in three parts:
Harbor Towage, to be divested to one or more parties, yet to be identified;
Terminals, to be sold to Lamnalco (a joint venture of Boskalis with Rezayat);
Salvage, Heavy Lift & Transpor, to be combined with Boskalis.
Smit said it is "committed to its corporate strategy as successfully executed over recent years and has strong confidence in its proven strategy of integrated maritime services going forward. Both the Executive Board and the Supervisory Board of Smit believe that Boskalis' proposal contradicts with SMIT's strategy."
Smit said the Boskalis' proposal undervalues Smit on a stand-alone basis, failing to recognize the value of Smit's strategy.
The Executive Board and the Supervisory Board have concluded that entering into discussions with Boskalis is not in the interest of the company and its stakeholders.