Home » , » OIR BITES: Neptune Orient Lines Ltd – CMA CGM offers S$1.30/share to privatize NOL

OIR BITES: Neptune Orient Lines Ltd – CMA CGM offers S$1.30/share to privatize NOL

Shared By Stock Fanatic on Monday, December 7, 2015 | 7.12.15

The CMA CGM's Jules Verne container ship arrives in the port of Marseille, southern France. PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES
- CMA CGM intends to make a voluntary general offer to acquire 100% of NOL

- Offer price is S$1.30/share in cash

- Temasek, which owns ~66.84% of NOL, has provided an irrevocable undertaking to CMA CGM to accept the offer but will lapse if certain terms are not fulfilled

- Note that the formal offer will not be made unless and until pre-conditions are fulfilled or waived by the long-stop date (7 Dec 16 or any other date that CMA CGM and NOL may agree in writing)

- CMA CGM will pay NOL US$100m if any pre-condition is not fulfilled or waived on or prior to long-stop date

- CMA CGM does not intend to preserve NOL's listing status

- NOL says Citigroup appointed as financial adviser

- Citigroup says CMA CGM offer price of S$1.30/share for NOL was fair for shareholders (other than Temasek, which Citigroup expresses no opinion)

- CMA CGM aims to expand and strengthen presence in Singapore

- We will provide further updates after the analyst briefing in the afternoon.

- Indicative timeline for acquisition and the offer:


Source : OCBC Investment Research

Posted on Monday, December 7, 2015 | 7.12.15
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