SvitzerWijsmuller extends Adsteam offer again
Global towage and salvage company SvitzerWijsmuller, part of Denmark’s A.P. Moller-Maersk, has for a second time extended its offer period for Australian-listed Adsteam Marine, to allow time to address issues concerning a review from the United Kingdom’s Competition Commission.
SvitzerWijsmuller’s A$2.581 ($1.96)-per-share offer — valuing Adsteam at about A$704 million ($534 million) — will now run until Jan. 12. The offer remains conditional on the satisfaction or waiver of the U.K. regulatory condition and 90 percent shareholder acceptance.
Adsteam’s principal business is towage operations at container, bulk and general cargo ports in Australia, the South Pacific and the U.K.