STX OSV turns down Fincantieri bid

27 Feb 2013
STX OSV – recommends rejection of Fincantieri offer

STX OSV – recommends rejection of Fincantieri offer

The board of Singapore-based STX OSV, following the advice of adviser Ernst & Young Corporate Finance, has recommended shareholders to reject the offer made by the Italian Fincantieri group to acquire the remaining shares in STX OSV.

The advice from EYCF says that “In summary, based on our analyses… and after having considered carefully the information available to us and based on the market, economic, strategic and other relevant conditions… we are of the view that the Offer Price and the Options Proposal are, on balance, not attractive and there are generally insufficient compelling reasons to recommend the acceptance of the Offer and the Options Proposal. Accordingly, we advise the Independent Directors to recommend that Shareholders reject the offer and that Optionholders reject the options proposal."

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