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Reggeborgh succesfully completes the public offer on Koninklijke VolkerWessels N.V.

On 18 March 2020 Reggeborgh settled the shares offered in the post closing period to obtain 97.79% of the shares in Koninklijke VolkerWessels N.V. ("VolkerWessels") in order to delist the company on 15 April 2020.

Our client Reggeborgh is the investment vehicle of the high net-worth descendants of the late Mr. Dik Wessels who was the driving force behind the growth of VolkerWessels.

VolkerWessels is a Netherlands-based listed leading construction group of more than 120 companies offering a wide range of services in numerous construction sectors and markets mainly in the Netherlands, Germany, the UK and North America. The company with c. EUR 6bn sales is headquartered in Amersfoort and employs c. 16,630.

The assignment

At the time of the IPO of VolkerWessels in 2017, Reggeborgh’s intention was to become a long-term minority shareholder of the company, by decreasing its 64% shareholding over time. Market conditions had changed and as such, a further decrease of Reggeborgh’s shareholding had become unrealistic. Reggeborgh also believes VolkerWessels can better deal with the increasingly challenging market conditions with a long-term shareholder in a private setting. Against this background Reggeborgh decided to take the company private again, with M&A and financing support from NIBC.

On 12 November 2019, Reggeborgh and Volkerwessels reached conditional agreement on a recommended public offer of EUR 22.20 per share for all shares of Volkerwessels.

By means of the shares tendered under the Offer and in the Post-Closing Acceptance Period, together with those already held by Reggeborgh on the date hereof, Reggeborgh holds 97.79% of the Shares per 18 March 2020. Delisting shall occur on 15 April 2020 and, accordingly, the last trading day of the shares shall be 14 April 2020.

Adding value

NIBC has supported Reggeborgh with both financing and M&A advisory before and during the public offer and shows our ability to act swiftly and deliver bespoke solutions at decisive moments.

Achievements and services include swiftly arrange a tailor-made EUR200m senior bridge facility to ensure certainty of funding alongside the public offer, valuation advisory services to the shareholders of Reggeborgh under tight deadlines, and advice on bid strategy and tactics, position analysis and negotiation agenda.

Delivering results

The transaction shows NIBC’s ability to act swiftly with multiple teams in collaboration, offering a bespoke solution in a challenging time frame.

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