Subsea 7 has confirmed that its offer, dated 15 June 2023, for the entire share capital of DOF Group ASA (DOFG) expires at the end of today. This follows the rejection of the offer by the board of DOFG on 16 June 2023.
The board of DOFG concluded that NOK 35 per share is below the equity valuation expectation of the board and its current shareholders. Subsea7 was guided in its offer by the pricing of the new share issue through an initial public offering at NOK 28 per share, as well as the pricing of shares allocated to the DOFG chairman and directors at NOK 23 per share on the 8 June 2023.
While major shareholders in DOFG we have contacted have expressed support for the industrial rationale for the combination and the attractiveness of the Subsea7 equity element of the offer, the board of DOFG has refused to engage with Subsea7 on this offer.
Subsea7 is not prepared to amend its offer without the board of DOFG expressing willingness to open a constructive dialogue. Subsea7 reiterates its conviction in the strategic rationale, industrial logic and the attractiveness of Subsea7 equity as part of the offer, which it believes is in the best interests of both companies’ shareholders.
Source: Subsea 7
