Restructured offshore support vessel (OSV) owner DOF Group has turned down a takeover offer by shareholder Kristian Siem’s huge contracting company Subsea 7.
The company said the bid was too low and too late as it prepares to list in Oslo through an IPO backed by rival tycoon John Fredriksen.
Oslo-listed Subsea 7 made the offer on Friday at NOK 35 per share, 25% above the IPO pricing of NOK 28.
