In today’s briefing:
- Boart Longyear’s (ASX:BLY) Ignominious Exit
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Boart Longyear’s (ASX:BLY) Ignominious Exit
- Drilling services company Boart Longyear (BLY AU) has agreed to a takeover by American Industrial Partners. Boart’s five largest shareholders – collectively holding 98.86% of shares out – are supportive.
- Highly-Leveraged Boart copped the brunt of the GFC, and never fully recovered. American Industrial Partners’ Offer values Boart at A$543mn against its 2007 IPO value of A$2.3bn.
- The takeover is expected to be completed in the first quarter of 2024. This is done.