Norwegian entity BW Sirocco Holdings AS has opted to trigger the compulsory acquisition right for the remaining shares of French floating offshore wind specialist BW Ideol AS after successfully securing 95.21% of the company's shares.
The decision follows BW Sirocco's November initiative to acquire all outstanding shares in BW Ideol, excluding those held by the initiating shareholders, who collectively possessed 84.7% of the shares. This group comprised BW Offshore, Kerogen Capital, Larochette Invest SARL, certain other investors, and management.
Minority shareholders were given the choice to either receive a cash payment for their shares or remain shareholders alongside the initiating shareholders. The completion of the offer was announced on Thursday, confirming BW Sirocco's substantial ownership of 95.21% of BW Ideol's shares.
The primary objective of the acquisition bid is to privatize BW Ideol, a move designed to facilitate access to growth capital for the company. BW Sirocco has now affirmed its intention to propose, as a result of the compulsory acquisition, the delisting of BW Ideol's shares from Euronext Growth at the upcoming general meeting.
The compulsory acquisition's total consideration is approximately NOK 18.1 million (USD 1.7 million/EUR 1.5 million). Former shareholders have until February 8, 2024, to raise objections or reject the offer.
