Maersk starts bidding period on P&O Nedlloyd
published: cw 24, 2005 in Mergers & acquisitionsA.P. M?-Maersk did start yesterday with his bid on outstanding shares is P&O Nedlloyd. The public offer of in total 2,3 milliard Euro succeeds the finalization of the due diligence. Maersk will declare the offer unconditional, as at least 70% of the shares has been tendered under the offer.
When the Danish Shipper acquires 95% of the shares, P&O Nedlloyd will de-noted at the Amsterdam Stock Exchange. The acceptance period began on 13 June 2005 and ends on 4 August 2005 at 15:00 hours. P&O, owner of 25% of the shares, did already accept the offer last Friday.
The Offer Memorandum also informs us that the P&O Nedlloyd’s CEO Philip Green will receive 5,4 million Pound Sterling (8 million Euro’s), when his company will be acquired by Maersk. The value of his 15.239 shares P&O Nedlloyd is over 850.000 Euro’s. CFO David Robbie will receive 2,32 million Pound Sterling. The value of his packet of shares is over 250.000 Euro’s
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