LUXEMBOURG — Subsea7’s bid to acquire DOF Group’s entire share capital, first submitted late last week, has expired after DOF’s board rejected the offer.
At NOK 35 per share, the offer was below the equity valuation expectation of both the board and DOF’s current shareholders.
Subsea7 said some of the major shareholders it has contacted expressed support for the combination and the proposed equity element of the offer. However, DOF’s board chose not to engage in discussions.
The company added that it would not amend its terms without a willingness on the board’s part to open a constructive dialogue.
