The 89.5% tender rate is very close to the 90% threshold, making completion highly likely with the one-week extension. Monitor for final tender results by November 2. If the 90% condition is met, the squeeze-out will follow, and Cadeler ADS holders will receive NewCo shares.
Price Chart
Executive Summary
Cadeler plc (NewCo) has extended its exchange offer to redomicile Cadeler A/S from Denmark to the UK. As of the original expiration on October 21, 2026, approximately 345,537,852 Cadeler Shares (89.5% of outstanding) had been tendered, falling just short of the 90% Minimum Condition. The offer is now extended to October 28, 2026, and the board continues to unanimously recommend the transaction.
Key Facts
- Offer extended to 5:00 PM ET on October 28, 2026, from the original October 21 expiration.
- As of 3:53 PM ET on October 21, ~345.5M shares (89.5% of outstanding) were validly tendered, just below the 90% Minimum Condition.
- The Cadeler Board unanimously recommends the redomiciliation and exchange offer.
- Post-offer, NewCo intends a compulsory squeeze-out for remaining shares under Danish law.
- NewCo shares expected to begin trading on NYSE and OSE on or about November 5, 2026.
Financial Impact
Exchange ratio of 1 NewCo share per Cadeler share (4 NewCo shares per ADS). No cash consideration. Approximately 345.5M shares tendered representing 89.5% of outstanding.
Risk Factors
- Failure to reach the 90% Minimum Condition by the new expiration could terminate the offer.
- Regulatory approvals or other conditions may not be satisfied or waived.
- UK stamp duty implications for certificated NewCo shares if not deposited into DTC.
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-T/A Filing (Primary) | 0001104659-26-117967 |
| Document: tm2628018d1_sctota.htm | 0001104659-26-117967 |
| Document: tm2628018d1_ex99-a1d.htm | 0001104659-26-117967 |
| Document: tm2628018d1_ex99-a1c.htm | 0001104659-26-117967 |
| Document: 0001104659-26-117967-index-headers.html | 0001104659-26-117967 |
| Document: 0001104659-26-117967-index.html | 0001104659-26-117967 |
| Document: 0001104659-26-117967.txt | 0001104659-26-117967 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | SC 14D-9/A | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $24.90 (−0.24%) |
Oct 22, 2026 5d ago | SC TO-T/A | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $24.90 (−0.24%) |
Oct 21, 2026 5d ago | 6-K | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $24.90 (−0.24%) |
Oct 21, 2026 6d ago | 6-K | $24.83 $24.96 | ▲ +0.52% | ▲ +1.70% | $24.90 (+0.28%) |
Oct 6, 2026 21d ago | 6-K | $22.04 $21.77 | ▼ −1.23% | ▼ −0.98% | $24.90 (+12.98%) |
Sep 25, 2026 4w ago | 6-K | $23.51 $22.90 | ▼ −2.59% | ▼ −1.85% | $24.90 (+5.91%) |
Sep 23, 2026 4w ago | 6-K | $24.58 $23.45 | ▼ −4.60% | ▼ −4.52% | $24.90 (+1.30%) |
Sep 22, 2026 4w ago | SC 14D-9 | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $24.90 (−2.43%) |
Sep 22, 2026 4w ago | SC TO-T | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $24.90 (−2.43%) |
Sep 22, 2026 5w ago | 6-K | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $24.90 (−2.43%) |
US Market Status
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