The Board of Directors of DOF Subsea ASA recommends shareholders to accept DOF ASA’s voluntary offer of NOK 36 per share
IntroductionOn 9 July 2008, DOF ASA (“DOF”) announced that it had agreed to a non-binding term sheet with a financial partner in which DOF or a newly incorporated private holding company intended to announce an offer to acquire all of the outstanding shares in DOF Subsea ASA (“DOF Subsea” or the “Company”).On 28 October 2008, DOF, in accordance with an agreement with First Reserve Corporation, submitted a voluntary offer for all outstanding shares of DOF Subsea at an offer price of NOK 36 per share in cash (the “Offer”). Prior to the Offer DOF owns 57.17% of the shares of DOF Subsea.