According to insiders of the Dow Jones News Service, the Dutch project developer Ballast Nedam is about to make a take-over bid for TCN Property Projects. “The most likely scenario is that Ballast Nedam will buy TCN and will pay in shares”, says an insider.
It is expected that the take-over bid will be made at the end of the Summer. According to market researchers TCN is now worth between € 80 million and 100 million.
On April 17, 2004 TCN Property Projects, together with investment company Wedge International, took over a 48% interest in Ballast Nedam from the German Hochtief. TCN and Wedge announced immediately to aim for a controlling interest in Ballast Nedam.
According to TCN’s CEO Rudy Stroink, the maintenance of the listing of Ballast Nedam is the most important motive of the reverse take-over bid. “I have aimed for a listing since the start of TCN in 1994”, he commented to Dow Jones. Stroink has a 85% interest in TCN.
Stroink would use the listing of Ballast Nedam to derive capital from the market for the financing of large development projects. In volume, Ballast Nedam is the fifth builder in the Netherlands.
Source: De Financiële Telegraaf