Ocean Yield (No_rec, TP: NOK) - Bid by KKR
This morning, Ocean Yield announced it has reached an agreement for KKR to launch a voluntary offer of NOK41/share. Aker ASA, holding 61.7% of the shares, has undertaken to accept the offer, and the board of directors recommends shareholders accept. The closing price on Friday was NOK32.5 and the offer price represents a 26% premium to the last close, a 38% premium to the average share price of the past six months and a 17% premium to our NOK35 SOTP (including USD50m value for the FPSO). Given DNB Markets’ role as a financial advisor in the offer, we have withdrawn our recommendation and target price.Ocean Yield provides investments in vessels within oil-service and industrial shipping industry. Co. is a ship-owning company with investments in vessels on long-term charters.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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