European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>After some purchases in the market (at offer price), HAL Holding and concert parties have a 50.5% stake. HAL will not use the additional 4.3% voting rights before offer clearance.</li>
<li>If acceptances are below the squeeze-out threshold (95%), the target will usually co-operate so that the offeror will take full control and delist. Possible measures involve diluting the holdouts.</li>
<li>There are grounds for a sweetening of the offer. The market thinks so and the shares are trading 0.3% above the offer price, but HAL has a strong hand.</li>
</ul>


After some purchases in the market (at offer price), HAL Holding and concert parties have a 50.5% stake. HAL will not use the additional 4.3% voting rights before offer clearance.
If acceptances are below the squeeze-out threshold (95%), the target will usually co-operate so that the offeror will take full control and delist. Possible measures involve diluting the holdouts.
There are grounds for a sweetening of the offer. The market thinks so and the shares are trading 0.3% above the offer price, but HAL has a strong hand.


HAL Holding/​Royal Boskalis Westminster: Over the 50% Threshold

<ul>
<li>On 10 March, HAL Holding announced an intended voluntary public €4.2 billion cash offer of €32.50/share. Coming from a subdued period for the industry, the multiples aren't too generous: 8.0x EV/22e EBITDA.</li>
<li>A 28% premium coupled with the current volatile market environment means that the offer is most likely to succeed. HAL and associated parties now control 48.9% of the shares.</li>
<li>The median-implied equity value across multiples is €36.36/share, but investors are cashing out now: a vehicle set up by HAL is buying shares in the market at the offer price.</li>
</ul>


On 10 March, HAL Holding announced an intended voluntary public €4.2 billion cash offer of €32.50/share. Coming from a subdued period for the industry, the multiples aren't too generous: 8.0x EV/22e EBITDA.
A 28% premium coupled with the current volatile market environment means that the offer is most likely to succeed. HAL and associated parties now control 48.9% of the shares.
The median-implied equity value across multiples is €36.36/share, but investors are cashing out now: a vehicle set up by HAL is buying shares in the market at the offer price.


HAL Holding/Royal Boskalis Westminster: Opportunistic Voluntary Offer

Netherlands

Royal Boskalis Westminster NV is an international group that constructs and maintains ports, waterways, coastlines, and riverbanks. The Company provides dredging services and also engages in land reclamation activities. Boskalis has positions in strategic partnerships in the Middle East (Archirodon) and in offshore services (Lamnalco). The Company operates its own fleet of vessels.

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Boskalis Westminster (BOKA NA)

HAL Holding/Royal Boskalis Westminster: Over the 50% Threshold

HAL Holding and concert parties now have 50.5% of the shares, after some market purchases. It is unclear whether the Foundation will keep buying...

Jesus Rodriguez Aguilar

HAL Holding/Royal Boskalis Westminster: Opportunistic Voluntary Offer

HAL Holding intends to launch a voluntary public €32.50/share cash offer for Boskalis, 28% premium. Associated parties to HAL are indirectly buying...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HAL Holding/​Royal Boskalis Westminster: Over the 50% Threshold

HAL Holding and concert parties now have 50.5% of the shares, after some market purchases. It is unclear whether the Foundation will keep buying...

Jesus Rodriguez Aguilar

HAL Holding/Royal Boskalis Westminster: Opportunistic Voluntary Offer

HAL Holding intends to launch a voluntary public €32.50/share cash offer for Boskalis, 28% premium. Associated parties to HAL are indirectly buying...

Jesus Rodriguez Aguilar

HAL Holding/Royal Boskalis Westminster: Over the 50% Threshold