CMA CGM Intends Offer to Acquire NOL
Having met all the pre-conditions, CMA CGM announced its intention to make a general offer to acquire Singapore’s NOL, following plans of its proposed takeover that were unveiled last December.
According to MANA,In a brief statement, the French line said it would be making an all-cash voluntary conditional general offer for all the outstanding shares of NOL, other than those it already owns, controls or has agreed to acquire. CMA CGM currently has a stake of just over 10% in NOL
Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.A. (CMA CGM), announced its firm intention to make an all-cash voluntary conditional general offer (Offer) for all the outstanding shares of Neptune Orient Lines Limited (NOL), other than those it already owns, controls or has agreed to acquire.
Further details of the Offer are set out in the Offer Announcement dated 30 May 2016, and will be set out in the Composite Document, which will comprise the Offer document and NOL's circular to its shareholders, to be despatched to NOL shareholders as soon as practicable following the date of the Offer Announcement.