CMB NV completed the acquisition of additional 31.47% stake in Euronav NV for $1.3 billion.
CMB intends to maintain Euronav?s listing on the regulated market of Euronext Brussels as well as on the NYSE, subject to compliance with the NYSE?s continuing listing standards and criteria, and to ensure the liquidity of the share through a sufficiently large free float. Following the change of the name to ?CMB.TECH?, the Euronav share will be listed both on the regulated market of Euronext Brussels and on NYSE under trading symbol ?CMBT?. The Bid is unconditional and has no intention to launch a simplified squeeze out as it intends to maintain Euronav?s listing on Euronext Brussels and the NYSE. The supervisory board of Euronav has unanimously recommended the offer. The Bidder entered into a bridge facilities agreement with KBC Bank NV, Crédit Agricole CIB, Société Générale, Belfius Bank NV/SA, DNB (UK) Limited, ING Belgium SA/NV, Nordea Bank Abp filial i Norge and Skandinaviska Enskilda Banken AB (publ) on 20 November 2023. All funds required for the payment of the Bid Price are available in the form of the aforementioned irrevocable and unconditional credit facility granted to CMB pursuant to the Facilities Agreement. The Bidder intends to repay the financing for the Bid and the Share Purchase by means of, amongst other things, the proceeds of the CMB.TECH Transaction, distributions by the Euronav, existing cash and future cash-flow of the Bidder and debt instruments issued by the Bidder. The Transaction is also subject to important conditions, including the approval by a special general meeting of Euronav?s shareholders and customary waivers of change of control provisions in view of the rollover of certain contracts. As of March 4, 2024, certain funds managed by FourWorld Capital Management LLC (?FourWorld?) have now also filed a request with the Market Court in Belgium in connection with CMB?s Belgian offer for the shares of the Company. As of March 14, 2024, United States District Court for the Southern District of New York has denied a motion for preliminary injunction filed by certain funds managed by FourWorld Capital Management, LLC (?FourWorld?) in connection with CMB?s U.S. offer to purchase from U.S. holders all outstanding ordinary shares of Euronav NV. As of March 15, 2024, the Market Court in Belgium has also denied a request to suspend the closing of the Belgian offer. The request was filed by certain funds managed by FourWorld Capital Management LLC.
Crédit Agricole Corporate and Investment Bank Société Anonyme, KBC Bank Nederland NV and Société Générale Société acted as financial advisor to CMB. Argo Law acted as legal advisor on certain legal aspects to Belgian law and Reed Smith LLP acted as legal advisor on certain legal aspects of the U.S. Law. Linklaters LLP acted as legal advisor to Euronav NV. KBC Bank NV. acted as Centralizing Agent. Georgeson LLC acted as information agent to Euronav.
CMB NV completed the acquisition of additional 31.47% stake in Euronav NV (ENXTBR:EURN) on March 15, 2024. During the acceptance period, 69,241,955 shares were tendered.