The Fairstar board of management recommends investors to accept an offer of NOK 10 per share for all remaining Fairstar shares not yet held by Dockwise, which is less than 5% according to Dockwise. The board has also stepped down, in order to facilitate integration between the two companies. All court cases between the two companies have been withdrawn.
This news speeds up the squeeze-out procedure, and it facilitates integration between the two companies. It has no major impact on our estimates.
Dockwise will release 2Q12 results on 14 August:
The 2Q12 results will include the Fairstar results as from 9 May 2012. We had expected them include to the Fairstar results as from 1 January, so we will have to take another look at our estimates.