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The American investment company Kohlberg Kravis Roberts (KKR) has gained acceptance from 94.2 percent of the shareholders in Ocean Yield for the offer to buy the Kjell Inge Røkke-dominated company. It appears in a stock exchange announcement on Friday.
Røkkes Aker Capital, which owns almost 62 per cent of the ship-owning company Ocean Yield, had previously accepted the offer. The board had also recommended the offer.
Earlier this fall KKR made a bid of NOK 41 per share, which priced the company at NOK 7.2 billion. The acceptance deadline expired on Friday.
With an ownership of over 90 percent, KKR now has the opportunity to forcibly redeem the rest of the shares.
Will release NOK 4.5 billion
Aker Capital owns 61.65 percent of the shares in Ocean Yield, which was established by the industrial group Aker in 2012. The sale will free up NOK 4.5 billion which will be used for further investments in current and new business opportunities, Aker announced on Friday.
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In Aker Capital’s annual accounts for 2020, the item in Ocean Yield was booked at almost NOK 2.9 billion.
Ocean Yield released its third quarter figures on Tuesday this week. The company had sales of $ 44.7 million in the third quarter of 2021, down from $ 57.2 million in the same period last year. Profit before tax ended at $ 15.7 million, up from minus $ 6.6 million in the same period last year.
Can take the company off the stock exchange
The listed, ship-owned company has been a dividend machine for Røkkes Aker Capital.
Ocean Yield rose sharply on the Oslo Stock Exchange after the bid in mid-September, but has had a flat development since then. The share price has risen around 61 percent so far this year.
This week, Ocean Yield CEO Lars Solbakken announced that the company’s new owners can take it off the stock exchange during the first half of 2022, according to Finansavisen.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We want you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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