Saverys nears 95% threshold in latest bid to take Exmar private

After the latest attempt to consolidate shareholdings in the Belgian gas shipowner Exmar, Nicolas Saverys’ investment vehicle Saverex said it has reached a total holding of 94.36% of the shares in the company.

The bid closed on 16 April. 

Saverex said that, following the reopening of its bid, it acquired an additional 5.57% of the shares it did not hold.

"As a result, the bidder will hold... 91.06% of the shares in the target. Taking into account the shares in the target held by Nicolas Saverys and by Exmar, the Bidder and persons affiliated with it together will hold... 94.36% of the shares in the target," Saverex said.
The payment of the bid price for the shares offered during the reopening is scheduled for 5 May 2025.

4 December 2024

Belgian gas shipowner Exmar has confirmed it is again the target of a public takeover bid by Nicolas Saverys’ investment company Saverex.

Saverex said it intends to launch a voluntary and conditional public takeover bid for all shares of Exmar that it does not already own or control.

According to Saverex, the bid would be made in cash at a price of €11.50 (US$12.07) per share. The price represents a premium of 39% to the closing price of Exmar as at 29 November 2024, the last day prior to the suspension of trading of the Exmar shares by the financial services and markets act on 2 December 2024.

"The price of €11.50 per share would imply a premium of 46%, 37%, 41% and 51% respectively over the one-month, three-month, six-month and twelve-month volume weighted average prices of the Exmar share on the regulated market of Euronext Brussels," Saverex said.

Shares controlled by Saverex total 85% of the total shares in Exmar, meaning that the renewed bid concerns the remaining 9,189,369 shares (or a 15% stake) in Exmar. Saverex said it needs to reach a 95% stake, taking at least 90% of the biddable shares, to undertake a simplified squeeze out bid for the remaining shares. 

"If, following the bid, Saverex and persons acting in concert with it hold at least 95% of the shares in Exmar and have acquired, by means of acceptance of the bid, at least 90% of the shares that are subject to the bid, Saverex intends to launch a simplified squeeze-out bid. Saverex has informed the board of directors of Exmar about its intentions to launch the bid. Exmar announced today that, subject to review of the prospectus, the board of directors unanimously supports and recommends the bid," Saverex said.

Saverex launched an initial takeover bid for Exmar in April 2023, but fell short of the threshold set for a simplified squeeze-out bid.

At the time of the initial bid, the Saverys family owned 49% of Exmar and offered €12.10 (US$13.18) per share for the remaining 51% of the company. The offer represented a 25% premium on Exmar’s stock price as of closing on 31 March 2023 and between 33-46% premium above the volume weighted averages of the prior one, three, six and 12 months.

The offer made the deal worth just shy of US$400M. Exmar controls a fleet of more than 40 gas ships and floating gas terminals.