Lawsuit Challenges CMB's Euronav Takeover Bid

TL;DR

**Heads up: FourWorld Capital just sued CMB over their Euronav takeover bid, adding uncertainty to the deal!**

AI Summary

Euronav NV announced on February 27, 2024, that funds managed by FourWorld Capital Management LLC have filed a complaint. This complaint challenges CMB NV's U.S. takeover bid for Euronav NV shares. Euronav NV explicitly stated that it is not involved in these legal proceedings.

Why It Matters

A legal challenge to a takeover bid can introduce significant uncertainty, potentially delaying or even derailing the acquisition, impacting shareholder value for both the bidder and the target company.

Risk Assessment

Risk Level: medium — The lawsuit against CMB NV's takeover bid for Euronav NV introduces uncertainty regarding the completion and terms of the acquisition, even if Euronav is not directly involved.

Key Players & Entities

• Euronav NV (company) — target of takeover bid
• FourWorld Capital Management LLC (company) — plaintiff in complaint
• CMB NV (company) — bidder in takeover bid, defendant in complaint

FAQ

Filing Documents

• d10991216_6k.htm (6-K) — 19KB
• image00001.jpg (GRAPHIC) — 8KB
• 0000919574-24-001760.txt ( ) — 31KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EURONAV NV (Registrant) Dated: February 27, 2024 By: /s/ Ludovic Saverys Ludovic Saverys Chief Financial Officer EXHIBIT 99.1 PRESS RELEASE 27 February 2024 – 11:45 a.m. CET _______________________________________ INFORMATION REGARDING US TAKEOVER BID ANTWERP, Belgium, 27 February 2024 – Euronav NV ("EURN", "Euronav" or "the Company") (NYSE: EURN & Euronext: EURN) has been informed that certain funds managed by FourWorld Capital Management LLC ("FourWorld") have filed a complaint in the United States District Court for the Southern District of New York in connection with CMB's U.S. takeover bid for the shares of the Company. The Company is not involved in these proceedings. FourWorld is an SEC-registered investment adviser focusing on event-driven investment opportunities with particular focus on tax, legal and regulatory catalysts. The complaint alleges, among other things, that CMB violated Section 14(e) of the Securities Exchange Act of 1934 by disseminating materially false and misleading offering materials relating to the U.S. offer. The complaint seeks, among other relief, an injunction restraining CMB from completing the U.S. takeover bid on the basis of such offering materials and an award of damages in an unspecified amount. CMB has reacted in a statement to that complaint. That reaction can be consulted here . Contact: Communications Coordinator – Enya Derkinderen Tel: +32 476646359 Email: communications@euronav.com Head of Marketing & Communications – Katrien Hennin Tel: +32 499393470 Email: katrien.hennin@cmb.be About Euronav NV & CMB.TECH Euronav and CMB.TECH together represent a group with around 150 ocean-going vessels in dry bulk, container shipping, chemical tankers, offshore wind and oil tankers. The group focuses on large marine

Forward-Looking Statements

Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include uncertainty as to the number of shares that will be tendered in the Bid and the impact on the continued listing of the shares on the New York Stock Exchange or Euronext Brussels, the fail

View Full Filing

View this 6-K filing on SEC EDGAR