November 12, 2019 / 7:21 AM / a month ago

Reggeborgh offers $694 million to take Dutch builder VolkerWessels private

AMSTERDAM (Reuters) - Dutch investor Reggeborgh on Tuesday said it wanted to buy all shares in building company VolkerWessels (KVW.AS) it does not already own, in a bid with a total value of 630 million euros ($694.3 million).

Reggeborgh has a 63.5% stake in the builder and is now offering other investors 22.20 euros for each share they own.

That bid represents a 25% premium on the closing price of VolkerWessels on Oct 28, a day before the company first announced the intentions of its majority shareholder, and is fully supported by the company’s board.

The takeover would end a short spell of VolkerWessels at the Amsterdam stock exchange, after Reggeborgh decided to list around a third of its shares in May 2017, at an introduction price of 23 euros.

The shares have fallen since, hurt by losses on large projects and the effects of stricter environmental rules on the construction sector.

“As such, a further decrease of Reggeborgh’s shareholding has become unrealistic,” Reggeborgh Chief Executive Henry Holterman said, adding he still had full confidence in VolkerWessels’ potential.

Reporting by Bart Meijer and Toby Sterling; editing by Jason Neely

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