Recent work | November 14, 2019

Roschier advises Boels in its public cash tender offer for all shares in Cramo

Boels and Cramo have entered into a combination agreement pursuant to which Boels will make a voluntary recommended public cash tender offer to purchase all of the issued and outstanding shares in Cramo that are not owned by Cramo or any of its subsidiaries. Roschier is acting as legal advisor to Boels in connection with the tender offer.

Cramo’s shareholders will be offered a cash consideration of EUR 13.25 for each share, valuing Cramo’s equity at approximately EUR 592 million. The Board of Directors of Cramo has unanimously decided to recommend that the shareholders accept the tender offer.

The offer period is expected to start around November 25 and run for approximately seven weeks.

The Boels Group, with more than 4 200 employees and over 450 depots in 11 countries, is one of the most renowned equipment rental companies in Europe, and the largest in Benelux.

Cramo Plc is one of the leading European equipment rental services companies, serving approximately 150 000 customers through around 300 depots across 11 markets with a full range of machinery, equipment and related services.

The combination of Boels and Cramo would create a leading player in the European equipment rental market with combined annual revenues of approximately EUR 1 250 million and one of the largest depot networks in Europe.

Roschier’s advisory team mainly comprises Jouni Salmi, Mika Ohtonen, Ami Paanajärvi, Johannes Ahti, Petrus Pöytäniemi, Pinja Liikanen, Elmiira Kutvonen, Anja Höfelmeier, Andreas Bussman, Lauri Saari, and Mattias Brännkärr.