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Investing.com -- A.P. Moller Holding, the investment arm of the family that is the main shareholder of AP Moller-Maersk, has made an all-cash proposal to acquire the remaining shares of Svitzer, a Danish towage and marine-services provider.
This bid values Svitzer at approximately $1.3 billion. At present, A.P. Moller Holding owns 47% of Svitzer through its subsidiary, APMH Invest. The company’s goal with this offer is to obtain full ownership of Svitzer.
Svitzer, a company with a fleet of tug boats that assist with ship maneuvering in ports and terminals, offers additional services such as line handling and personnel transfers. The company separated from the shipping conglomerate A.P. Moller Maersk last year and subsequently listed on the Nasdaq Copenhagen.
APMH Invest shared in a statement that Svitzer’s listing did not generate the anticipated level of investor interest. The company believes that delisting Svitzer and transitioning to private ownership will better facilitate its continued growth.
According to APMH Invest, this step is crucial for preserving Svitzer’s market position in an industry that is both competitive and fragmented, and currently undergoing consolidation.
The offered price per share is 285 Danish kroner, which is a 32% premium over Svitzer’s closing price on Tuesday. If the proposed 8 kroner dividend by Svitzer is paid, the offer will be reduced to 277 kroner per share.
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