BW Sirocco Holdings AS has decided to exercise the right of compulsory acquisition of the remaining shares in France-based floating offshore wind specialist BW Ideol AS (OSL:BWIDL) after obtaining 95.21% of the business’ shares.
BW Sirocco is a new Norwegian entity which in November launched an offer to buy all shares in BW Ideol not already held by the “initiating shareholders,” or existing BW Ideol shareholders, which together held 84.7%. These include BW Offshore, Kerogen Capital, Larochette Invest SARL, certain other investors and management.
The minority shareholders have had the opportunity to receive a cash payment for their shares or to continue as shareholders together with the initiating shareholders. Completion of the offer was announced on Thursday, with BW Sirocco now holding 95.21% of the shares in BW Ideol.
The bid is aimed at taking BW Ideol private to facilitate access to growth capital.
BW Sirocco confirmed today that as a result of a compulsory acquisition, it will propose to the general meeting of BW Ideol to apply for the delisting of the company’s shares from Euronext Growth.
According to the announcement, the total consideration offered under the compulsory acquisition is about NOK 18.1 million (USD 1.7m/EUR 1.5m). The former shareholders can raise objections to or reject the offer by February 8, 2024.
(NOK 1 = USD 0.092/EUR 0.085)
