A.P. Møller Makes All-Cash Offer to Take Svitzer Private
A.P. Møller Holding has, through its wholly owned subsidiary APMH Invest (APMHI), made an all-cash voluntary recommended purchase offer to the shareholders of Svitzer Group to acquire all issued and outstanding shares of the company.
A.P. Møller Holding, through its wholly owned subsidiary APMHI, currently owns 47% of the share capital and voting rights of Svitzer.
The offer price values Svitzer's total share capital at approximately $1.3 billion (DKK 9.0 billion) and represents a premium of 31.7% against to the closing share price April 1, 2025.
APMHI has been the largest shareholder of Svitzer since its listing on Nasdaq Copenhagen in April 2024.
According to APMHI, it does not believe that the listing has resulted in the expected investor interest, and that a delisting and private ownership will better support Svitzer’s continued growth, which is considered by APMHI to be essential for maintaining Svitzer’s market position in a competitive and fragmented industry undergoing consolidation.
“The Offer from A.P. Møller Holding announced today acknowledges the strong operational and financial performance and the prospects of Svitzer in a competitive market.
“Following thorough dialogue with A. P. Møller Holding with the aim to ensure the best possible terms for and an equal treatment of Svitzer’s shareholders, the Independent Directors find that the consideration and terms constitute an appealing Offer with meaningful premia to relevant historical trading prices and a premium in line with comparable takeover offers made by controlling shareholders.
“The Offer provides an opportunity for Svitzer shareholders to realize a cash premium for their shares, and we recommend our shareholders to accept the Offer,” said Morten H. Engelstoft, Svitzer Chair of the Board of Directors.
APMHI noted that Svitzer will remain an independent company with its current management and strategy and will continue to operate under the name and brand that has defined the company for more than 190 years.
Furthermore, there are no intentions to implement any material changes for the employees of the Svitzer Group or general employment terms as a result of completion of the offer.
APMHI expects the offer to be completed on or around May 2, 2025, with settlement