North Sea marine services group Bourbon is the target of a takeover target by French investment firm Jaccar.
The Paris-based company provides vessels and subsea services for the oil and gas industry across the North Sea and beyond, operating nearly 500 vessels around the world.
The offer, of €24 a share, would represent a 19% premium on the shares and values the firm at £1.5billion (€1.8billion).
Investment group Jaccar is controlled by Bourbon chairman Jacques de Chateauvieux, and already has a 26.2% stake in the firm. The offer is expected to be confirmed with French financial authorities next month, once Bourbon’s board has had a chance to discuss the bid.
It would be conditional on Jaccar obtaining 50.1% of the outstanding shares.
“JACCAR Holdings has indicated that they do not intend to implement a squeeze-out following the completion of this offer,” Bourbon said in a statement.
“The Board of Directors of BOURBON has been informed of this offer and will conduct a preliminary review of the key terms of the public offer at a meeting to be held March 21.”
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