July 2006:
On July 3rd, SVITZER (then SvitzerWijsmuller) publicly announces its cash-offer to the shareholders of Adsteam.
September 2006:
On September 1st, United Kingdom Office of Fair Trading (OFT) refers the ruling on the take-over to the United Kingdom Competition Commission.
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On September 21st, SvitzerWijsmuller extends its offer to Adsteam and effectively increases the per share price to 2,581AUS$.
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October 2006:
On October 19th, SvitzerWijsmuller extends the offer once more, while the United Kingdom Competition Commission investigates.
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December 2006:
The United Kingdom Competition Commission issues a provisional announcement, which states that , outside Liverpool, the Adsteam acquisition will not lessen the competition.
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February 2007:
On February 11th, The United Kingdom Competition Commission issues its final statement, declaring that only in Liverpool would the acquisition lesson competition.
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On February 22nd, SvitzerWijsmuller waives all conditions to the offer, except the 90% minimum acceptance condition. SvitzerWijsmuller simultaneously announces its intention to sell the Adsteam Liverpool activities.
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On February 26th, SvitzerWijsmuller announces that the Liverpool activities will be sold to SMIT (on condition that the final offer conditions are met).
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March 2007:
On March 15th, SvitzerWijsmuller waives final condition on the offer for Adsteam. At this point, 84,78% of the Adsteam shares have been secured.
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On March 23rd, achieves 90% of all shares in Adsteam and declares the offer final. The integration process begins.
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April 2007:
On April 11th, the new company name and identity is announced. SVITZER is now a group with more than 4,000 colleagues operating 600 vessels in 35 countries.
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All Australian activities now operate under the new region, Australasia. Click here for more information about SVITZER Australasia.