Abu Dhabi-based Gulf Marine Services Company rejected a $ 32 million takeover bid submitted by Sivox International, its second largest shareholder.
According to Reuters, the company said that this offer underestimated the value of the oil rights sector contractor.
In March, the Gulf Maritime Services Company, listed in London, reached an agreement with its banks to restructure its debts while striving to overcome a decline in the activities of the oil industry due to the collapse in crude prices. . The company supplying support ships used by offshore oil and gas facilities and other energy facilities said that Sivox’s cash offer of $ 0.09 per ordinary share and its refund will be completed prior to the completion of the banking facilities documentation. Modified. "We are still very confident about the future of the company's success," said Tim Summers, CEO of the Board of Directors. It is not time for shareholders to sell at a price below the true value of the Gulf Marine Services. Seafox said in a separate statement that it asked shareholders to support its proposal as it involves a large premium and dispel the blurring in the midst of the challenges facing the Gulf Marine Services. The company owns 13.7 percent in the Gulf Marine Services, according to Refinitiv data. Seafox also warned that if its offer is unsuccessful, it will not support any efforts by the Gulf Maritime Services to raise funds in the future.
