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Boels extends Cramo offer

Boels has confirmed that 80.43 percent of Cramo's shares have been tendered under its takeover offer which expired yesterday.

This falls short of the 90 percent threshold it established as a condition of moving ahead with the deal. As a result it has decided to extend the offer period of the until the end of January in order to "allow remaining shareholders, including passive investors such as index funds, to tender their shares as well".

Boels has already obtained all required antitrust approvals which means it can close the deal rapidly once the 90 percent threshold has been reached.

The move follows the agreement reached with Cramo directors and a number of the largest shareholders in early November - see: Boels for Cramo for the original report.