AP Møller Holding (APMH) has today, through its wholly owned subsidiary APMH Invest (APMHI), made an all-cash voluntary recommended purchase offer to the shareholders of the Svitzer Group to acquire all issued and outstanding shares of Svitzer, excluding any Svitzer treasury shares and shares held by APMHI.
APMH, through APMHI, currently owns 47 per cent of the share capital and voting rights of Svitzer, which it spun off in April of last year in an initial public offering. APMH controls Danish shipping giant AP Moller-Maersk.
The stock market listing had not resulted in the expected investor interest, and a delisting and private ownership will better support Svitzer's continued growth, APMH said in a statement.
After considering the offer, including alternative options for shareholders to realise value for their shares, the members of Svitzer’s board of directors unanimously recommend shareholders in Svitzer to accept the offer.
APMHI offers the shareholders of Svitzer a cash consideration of DKK285 ($41.20) per share, subject to adjustment for any dividend or other distributions paid by Svitzer prior to completion of the offer.
The offer price values Svitzer's total share capital at approximately DKK9.0 billion ($1.3 billion) and represents a premium of approximately 31.7 per cent compared to the closing share price of DKK216.4 on Nasdaq Copenhagen on April 1, 2025.
The offer is subject to a number of customary conditions, including APMHI owning or having received valid acceptances from shareholders with respect to shares representing in aggregate more than 90 per cent of the share capital and voting rights of Svitzer (excluding any Svitzer treasury shares), absence of material adverse change and obtaining the necessary regulatory approvals and clearances from the Swedish Inspectorate of Strategic Products and the Secretary of State in the United Kingdom.
As APMHI is already a controlling shareholder in Svitzer, the offer is an unregulated voluntary purchase offer.