Surprise: Seajets submitted a proposal for the acquisition of ANEK Lines

June 30, 2023

In the last few days, a series of events have been taking place within the Greek Ferry Scene concerning the unexpected Seajets’ proposal for the acquisition of Anek Lines.

  • On June 16, 2023, three companies (Seajets, Kiara Shipping and Golden Step Shipping Ltd) submitted a proposal to Anek Lines’ Creditors and Shareholders (that represent 57,70% of the company’s total share capital), regarding the acquisition of ANEK’s shares and loans under specific conditions. That proposal included:
  • The immediate payment of EUR 82 million for the acquisition of all the Company’s loan obligations with the provision of collateral.
  • Acquisition of all the shares of the main shareholders for the price of € 0,2220 per share.
  • Piraeus Bank loan guarantee.
  • On June 23, 2023, Anek Lines issued a press release (in Greek) to the Athens Stock Market informing officially the Market Capital Committee as well as the investors about that proposal. Also, told that Anek Lines’ Board of Directors addressed the proposal to the Company’s Shareholders and Creditors, to be evaluated by them. The Company pledged to make announcements to inform the investing public if the relevant legal conditions are met.
  • On June 27, 2023, Anek Lines issued a new press release (in Greek), where Piraeus Bank rejected Seajets’ proposal.
  • Piraeus Bank, as a representative of Bond Creditors, sent a letter of refusal to the proposing companies on June 26, 2023. That letter was also sent to the Competition Committee as well as to the Board of Directors of ANEK Lines.
  • In it, the Piraeus Bank explained that:
  • The proposal comes at the wrong time, as the ongoing merger of ANEK Lines with Attica Group is already known to the public since September 2022.
  • The Bank’s consultant analysis judged that the submitted proposal is inferior to the current agreement under implementation between Attica Group and ANEK Lines in terms of recoverable value. At the same time, that proposal exhibits a significantly greater risk, so it is not a viable alternative for ANEK Lines.
  • There is uncertainty in the financing of the proposed price, as well as in the condition of carrying out due diligence, a process which has already been completed for the Attica Group proposal.
  • The proposal does not consider ANEK Line’s cash flow needs towards third-party creditors, nor does it include planning for the smooth transition and uninterrupted operation of the company due to the potential termination of the ANEK – Superfast joint venture (operational risk).
  • Therefore, the proposal does not meet the necessary criteria to constitute an acceptable credit and business risk and cannot be accepted.
  • Also, the VARMIN Shareholder (Vardinoyannis Family) with a letter to the Board of Directors of Anek Lines stated that: “We do not accept the specific proposal due to the price offered and its structure. We consider that the existing agreement with Attica Group for the merger of ANEK Lines, which is already in the approval stage is the only immediate solution, which ensures the company’s rescue”.

Greek sources say that Seajets is preparing a counteroffer.

See also our news from 22 September 2022: