The Court of Appeal in The Hague has ruled in favor of Fugro and dismissed a claim by Boskalis to ‘force’ a shareholders’ vote on a non-binding recommendation in respect of one of Fugro’s three protective measures.
On March 17, 2015, the District Court also ruled against Boskalis to have a shareholders’ vote on termination of Fugro’s anti-takeover protections.
According to Boskalis, construction of protective measures is not proportional, not transparent and also contrary to the general principles of good governance that can lead to a situation in which Fugro against its own will might lose control of a significant part of its business.
Boskalis revealed it had 28.6 per cent stake in Fugro at the end of 2015, which is close to the 30 per cent threshold that would force it to launch a takeover bid for all shares.
In March last year, Fugro characterized Boskalis’ move as unsolicited stake building, insisting that the company values its independence and that the company has set up these protective measures in place for many years to safeguard its independent position.
Subsea World News Staff