The shareholders of Dutch tugging and salvage company Smit Internationale have approved its sale to dredging giant Boskalis.
The sale was backed by a large majority of the shareholders, according to NRC Handelsblad, which cites sources closely involved in the transaction.
A deadline expired on Friday for the merger to go ahead. Boskalis will pay 60 euros in cash per share, worth a total 1.3 billion euros.
Over the past week Smit shareholders had rejected the bid as too low. Smit's board also was divided over the sale.
Smit eventually accepted the offer after Boskalis pledged not to split the company up.
© Radio Netherlands Worldwide
Smit tugboat
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