Tugboat operator Adsteam Marine Ltd said its board now recommends shareholders accept a 2.54 aud a share cash offer from SvitzerWijsmuller, the tugboat unit of Danish shipping and oil group AP Moeller-Maersk A/S.
It said SvitzerWijsmuller has dropped a requirement that the offer must first gain approval from the UK competition regulator, leaving only the condition that 90 pct of shareholders accept it.
'As no other offers to acquire Adsteam have been received, the Adsteam board recommends that
shareholders now accept the SvitzerWijsmuller offer, without delay,' Adsteam said in a statement.
The offer values the company at about 700 mln aud.
Adsteam, which has tugboat operations in the UK and Australia, meanwhile also announced that its first half to December net profit rose 22 pct year-on-year to 25.8 mln aud.
It said SvitzerWijsmuller has dropped a requirement that the offer must first gain approval from the UK competition regulator, leaving only the condition that 90 pct of shareholders accept it.
'As no other offers to acquire Adsteam have been received, the Adsteam board recommends that
shareholders now accept the SvitzerWijsmuller offer, without delay,' Adsteam said in a statement.
The offer values the company at about 700 mln aud.
Adsteam, which has tugboat operations in the UK and Australia, meanwhile also announced that its first half to December net profit rose 22 pct year-on-year to 25.8 mln aud.