Saverys and his holding company, Saverex, need 95 percent of Exmar’s shares to make a takeover bid or a public buyout offer for the remaining shares.
Exmar said in a statement that the reopening of the acceptance period of the voluntary public takeover bid launched by Saverex for all shares issued by Exmar not already owned by it or persons affiliated with it ended on April 16.
According to the statement, 3,317,061 shares in Exmar were tendered in the bid, representing 5.57 percent of the shares in the shipping firm.
As a result, Saverex will hold a total of 54,177,890 shares in Exmar, representing 91.06 percent of the shares in the latter.
Taking into account the shares in Exmar held by Nicolas Saverys (7,924 shares) and by Exmar (1,956,013 shares), the bidder and persons affiliated with it together will hold 56,141,827 shares, representing 94.36 percent of the shares in Exmar, the statement said.
In 2023, Saverex failed to take Exmar private in two attempts.
In February, the firm launched the new voluntary and conditional public takeover bid for all shares of Exmar not already owned by it or persons affiliated with it.
The bid related to the remaining 6,915,327 shares or 11.62 percent in Exmar.
It offered a price of 11.50 euros per share ($13 per share), saying the bid price will be reduced on a euro-for-euro basis by the gross amount of any distributions made by Exmar to its shareholders.
During the initial acceptance period, 2,375,542 shares in Exmar, representing 3.99 percent of the outstanding shares in the company, were tendered into the bid.
After that, Saverex decided to waive the 95 percent acceptance threshold, and has consequently decided to proceed with the bid and reopen the acceptance period.
