Saipem Extends U.S. Tender Offer for Bouygues Offshore
Bouygues Offshore announced that Saipem S.p.A, an ENI Company had extended its cash tender offer for all outstanding shares of common stock of Bouygues Offshore S.A. held by U.S. holders and all American Depositary Shares of Bouygues Offshore (each American Depositary Share representing one-half of one share of common stock) until 12:00 noon, New York City time, on Friday, September 17, 2002, unless further extended. Saipem is offering the U.S. dollar equivalent of EUR 60.08 per share and EUR 30.04 per ADS.
As of noon, New York City time, on September 6, 2002, the previously scheduled expiration date of the U.S. offer, 96,970 shares held by U.S. holders and 415,901 American Depositary Shares had been tendered in connection with the U.S. offer (including 3,018 ADSs by guaranteed delivery).
Saipem stated that, through September 6, 2002, it had purchased an aggregate of 6,094,795 shares tendered as market tenders in the separate offer in France. Saipem's separate offer in France to purchase all outstanding shares of Bouygues Offshore held by non-U.S. persons closed on September 6, 2002, as scheduled. Saipem does not yet have information concerning the number of shares tendered through the semi-centralized procedure in the separate offer in France.
The shares and American Depositary Shares tendered to date in the U.S. offer, together with shares already owned by Saipem, would constitute approximately 88.7% of the outstanding common stock, and 90.8% of the voting rights, of Bouygues Offshore.