Smit and Boskalis sign Merger Protocol

(Thomson Reuters ONE) - Papendrecht, Rotterdam25 January 2010·         Boskalis and Smit sign merger protocol·         Boskalis offers EUR 60 ex dividend·         Smit shareholders receive EUR 2.75 dividend over 2009·         Offer is recommended by Smit management and majority of supervisoryboard·         Boskalis to declare offer unconditional at 75%With reference to the press release dated 12 November 2009, Royal BoskalisWestminster N.V. (Boskalis) and Smit Internationale N.V. (Smit) announce thatthey have signed a merger protocol for a full merger of the two companies. Thetransaction will be effectuated through an all cash public offer of EUR 60 exdividend (instead of cum dividend as previously anticipated) by Boskalis for alloutstanding shares in Smit.The business combination will create a world class maritime service provideroffering a strong platform for further growth. The strategic rationale of thetransaction was already supported by the Board of Management and SupervisoryBoard of both Boskalis and Smit. As previously indicated two large shareholdersof Smit, Delta Lloyd Groep and Janivo Beleggingen, have already confirmed anirrevocable undertaking to support and accept the proposed offer. In the mergerprotocol, Boskalis has agreed to a 2009 dividend payment to Smit shareholders ofEUR 2.75 per share. RBS has provided to Smit a fairness opinion with regard tothe offer price.Based on the above, the Board of Management and a majority of the SupervisoryBoard of Smit have decided to recommend the offer to its shareholders.Boskalis will submit the draft offer memorandum with the Netherlands Authorityfor the Financial Markets (Autoriteit Financi? Markten) for approval no laterthan 4 February 2010. In line with the statutory timetable, Boskalis expects tolaunch the offer in the second half of February. Boskalis will declare the offerunconditional if more than 75% of the outstanding Smit shares are tendered. Inaddition, the offer will be subject to the customary conditions (see Annex 1 tothis press release).This is a joint announcement by Royal Boskalis Westminster N.V. and SmitInternationale N.V., as referred to paragraph 4 of the Public Offers Decree(Besluit Openbare Biedingen Wft). This announcement does not constitute anoffer, or any solicitation of any offer, to buy or subscribe for any securitiesin Smit Internationale N.V.This is an English translation of the Dutch press release. In the event of anydisparity between the Dutch original and this translation, the Dutch text willprevail.Profile:Royal Boskalis Westminster N.V. is a leading global services provider operatingin the dredging, maritime infrastructure and maritime services sectors. Boskalisprovides creative and innovative all-round solutions to infrastructuralchallenges in the maritime, coastal and delta regions of the world including theconstruction and maintenance of ports and waterways, land reclamation, coastaldefense and riverbank protection. The company holds important home marketpositions in and outside of Europe and targets all market segments in thedredging industry. It also has positions in strategic partnerships in the MiddleEast (Archirodon) and in offshore services (Lamnalco). Boskalis has a versatilefleet of over 300 units and operates in over 50 countries across fivecontinents. Including its share in partnerships, Boskalis has approximately10,000 employees.SMIT has a proud tradition of nearly 170 years of service in the maritimesector. The company has earned an excellent reputation by combining expertiseand experience with high-quality materials and equipment in the nearly 50locations around the world where SMIT is active. SMIT aims to provide itsworldwide services in the main to shipping companies, producers in the oil andLNG industries, (offshore) construction companies, insurers, governments andshipyards. SMIT maintains the highest standards in respect of Safety, Health,the protection of the Environment and Quality.SMIT's services are organised into four Divisions:

       Transport & Heavy Lift: chartering, barge rental & transport, ocean,coastal and river towage, heavy lifting and marine support to a variety of civiland offshore projects and subsea services.For further information please contact:Royal Boskalis Westminster N.V.Martijn L.D. Schuttev?Director of Investor Relations & Corporate CommunicationsTelephone:            +31 78 69 69 822 / +31 6 200 10 232Telefax:                   +31 78 69 69 020E-mail:                    m.l.schuttevaer(at)boskalis.nlSmit Internationale N.V.B. VreeChief Executive OfficerTelefoon:                                + 31 10 454 99 11E-mail:                    b.vree(at)smit.comAnnex 1 to press release Boskalis and Smit dated 25 January 2010Launch of the offer will be subject to the following conditions:(a)           Finalisation consultation procedure works council Smit(b)           Approval offer memorandum AFM(c)           No court order or judgment relating to the offer(d)           No notification AFM that preparations of the offer are in breachof offer rules(e)           No Material Adverse Change(f)            Merger filings having been made and comfort that mergerclearances will be obtained within tender period(g)           No breach terms of the Merger Protocol(h)           Recommendation management and supervisory board Smit not havingbeen revoked(i)            Stichting Preferente Aandelen Smit Internationale not havingexercised call optionThe offer will be subject to the following conditions:(a)           Minimum acceptance condition of 75% (including shares already heldby Boskalis)(b)           No Material Adverse Change(c)           No court order or judgment relating to the offer(d)           Recommendation management and supervisory board Smit not havingbeen revoked(e)           Termination rights Stichting Preferente Aandelen SmitInternationale subject to the offer being declared unconditional(f)            Approval transaction shareholders Boskalis(g)           Appointment Mr. H.J. Hazewinkel as member of the supervisory boardof Boskalis subject to the offer being declared unconditional(h)           No notification AFM that offer is made in breach of offer rules(i)            Approval competition authorities[HUG#1376522] pdf version press release: http://hugin.info/130721/R/1376522/337922.pdf

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Bereitgestellt von Benutzer: hugin
Datum: 25.01.2010 - 02:00 Uhr
Sprache: Deutsch
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