Nein danke, says GL
HAMBURG 29 November – A takeover bid from Bureau Veritas, understood to be worth about euro500M ($657M), does not represent a fair offer, according to both the executive and supervisory board of Germanischer Lloyd. The 50 shareholders of the German class society have been advised to reject the proposal, but at the same time GL’s board admits that it has to offer alternatives to those who are willing to sell. “There could be one or two new investors coming in. Or one of the other shareholders might want to increase their share,” board member Rainer Schöndube told journalists in Hamburg today. Det Norske Veritas has already signalled interest, but Schöndube would not confirm any other names. Industry insiders believe that more than one third of GL’s long-standing shareholders are tempted to sell because the book values of their shares are only a fraction of BV’s offer. GL’s common stock is quoted at only euro10M. The society’s attraction for outside investors has grown since it gave up its charitable status two years ago. Restrictions on the use of profits have since been lifted.
Etiquetas: class societies
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on miércoles, noviembre 29, 2006 at 9:24 p. m..
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