DeepOcean Board recommends acceptance of mandatory offer from Trico MarineNews // May 16, 2008
Trico Marine Services and DeepOcean ASA have announced that Trico, through its fully owned subsidiary Trico Shipping AS, has entered into agreements to acquire 55,728,955 shares in DeepOcean, representing 51.5 per cent of the total share capital of DeepOcean on a fully diluted basis, for NOK 32 per share.
As a result of these agreements, Trico Shipping will launch a mandatory offer to acquire the remaining shares in DeepOcean, for a consideration of NKr 32 per share in cash, consistent with Norwegian law.
The Board of Directors of DeepOcean has recommended that shareholders accept this offer.
The offer price represents a 28 per cent premium to the closing price of NKr 25 on May 15th 2008.
DeepOcean's board and management is recommending the offer to shareholders, and the company's management and Ostensjo have agreed to sell all of their DeepOcean shares to Trico, for consideration consisting of a combination of cash and Trico equity securities.