Den Hartogh to buy InterBulk

Den Hartogh Holding is buying rival bulk logistics operator InterBulk Group plc.

The boards of both companies have reached an agreement on and recommend the acquisition by Den Hartogh of the entire issued share capital of InterBulk. The two operators say the have complementary strengths and geographical footprint. After completion, they will together form the third biggest global logistics provider for the chemical industry.

Den Hartogh will offer shareholders £0.9 for each InterBulk share. This represents a premium to the closing share price on 22 December 2015 of 125 percent and a premium of 109 percent to the average closing price over the past 12 months.

The transaction represents approximately £42.1 million (€57 million) for InterBulk’s entire issued share capital. Including the net debt of £53.2 million the total enterprise value amounts to £95.3 million.

The combined company will have almost 1,600 employees and a combined asset base of approximately 25,800 liquid, gas and dry bulk containers, 550 trucks, 400 road tankers, as well as offices in 23 countries.