Subsea 7 has said that its offer for the entire share capital of Norwegian shipping supply group DOF Group ASA (DOFG) will remain on the table until the end of the day.
This follows the rejection of the offer by the board of DOFG on Friday after it concluded that NOK35 per share is below the equity valuation expectation of the board and its current shareholders.
Subsea7 said it was guided in its offer by the pricing of the new share issue through an initial public offering at NOK28 per share, as well as the pricing of shares allocated to the DOFG chairman and directors at NOK23 per share on the 8 June 2023.
Subsea 7 added the major shareholders in DOFG it has contacted have expressed support for the industrial rationale for the combination and the attractiveness of the Subsea7 equity element of the offer.
However, the board of DOFG has refused to engage with Subsea7 on this offer, it said.
Subsea7 added it is not prepared to amend its offer without the board of DOFG expressing willingness to open a constructive dialogue.