Aker Solutions: UBS delivers fairness opinion
On May 11 Aker Solutions published UBS’ Fairness Opinion covering three transactions.
At the request from – and on a mandate approved by – the Norwegian Ministry of trade and industry, SAAB and Investor, Aker Solutions engaged the international investment bank UBS to provide a fairness opinion regarding of the acquisition of shares in Aker Oilfield Services, DOF Deepwater and Odim.
“These transactions are important building blocks in the strategic development of Aker Solutions. Prior to the execution of the transactions, DnBNOR Markets concluded that the terms of the transactions were fair. Today, we are very pleased to publish the foundation for, and conclusions of UBS’ fairness opinion”, says Simen Lieungh, President & CEO of Aker Solutions.
The background for UBS’ work is that the Ministry of Trade and Industry on 3 April 2009 asked the Board of Directors of Aker Holding to request that Aker Solutions obtain a new, independent fairness opinion for the three transactions announced 2 April. The minority shareholders in Aker Holding, the Ministry of Trade and Industry, SAAB and Investor, selected the international investment bank UBS to carry out the task, and they approved the mandate for the fairness opinion – what UBS should assess and how they perform their task.
“The transactions were executed as a part of our long term effort to develop Aker Solutions, based on the strategy plan decided by our Board of Directors in June and September 2008. It is our hope that the Ministry of trade and Industry, SAAB and Investor now has the necessary foundation to express their confidence that these transactions are right for Aker Solutions,” Lieungh ends.
The $250 million asset sale announced on April 2, which calls for Aker Solutions to buy shares in five Aker companies, sparked a row between the Aker groups and the government, which is a shareholder in Aker Solutions through Aker Holding AS.
Also read “Norway and Aker agree on Aker Solutions deal” on Reuters.com