Exmar surges to over 8-yr highs on top shareholder's buyout offer

EXMAR NV

03/04/2023 10:06

** Shares of Exmar  EXMR.BR  surge over 19% as the top
shareholder Saverex plans to launch a voluntary, conditional
public takeover bid on the Belgian ship owner
    ** The takeover bid for Exmar would be made at a price of
12.10 euros ($13.11) per share, and would be paid in cash, says
Saverex
    ** "The bid reflects a balanced view on the upside and
downside of Exmar's underlying assets," says Kepler Cheuvreux
analyst Andreas Nibe Nygard, noting the stock's underlying
values and share price have "disconnected" over the last six
months
    ** "The value of the FSRU (floating storage regasification
unit), FSO (floating storage and offloading unit) and LPG
(liquefied petroleum gas) vessels, plus the net cash position is
simply too high compared to market valuation, and hence Saverex
is able to leverage on this and buy out the minority
shareholders," adds Nygard
        ** The stock, which is on track for a best day since
Aug. 8, touches its highest price in 8.5 years

($1 = 0.9230 euros)

 (Reporting by Dina Kartit)
 ((dina.kartit@thomsonreuters.com))