03.02.2020

Boels gains 90+% of Cramo shares

Dutch international rental group Boels has confirmed that it has received acceptances from holders of 92.89 percent of Cramo’s equity – including the shares it has already purchased on the open market – passing the 90 percent threshold it had set as a condition for the acquisition, and clearing the way for it to proceed with its takeover bid.

When the initial bid closed on January 9th the company had only received tenders for 80.43 percent of Cramo's shares, causing it to extend the offer until the end of January. A week or so later it improved the offer by four percent to €13.75 a share, in order to encourage more takers - see: Boels sweetens Cramo offer.

Boels is currently verifying the tender submissions and will confirm the results on Wednesday, at which point it will start the takeover process, given that all other conditions have been met including regulatory approvals.