February 5 - According to a report in the Wall Street Journal, in an open letter to Smit management, holders of 7.2 percent of the company's outstanding shares have expressed their dissatisfaction with Boskalis' EUR62.50 per share bid.

The WSJ says that some shareholders in Smit Internationale say a revised takeover offer from Royal Boskalis that has been recommended by Smit's board and management continues to under-value the Dutch maritime service provider, continuing a split that has caused one Smit board member to stand down.

Boskalis originally offered EUR60 a share for Smit, including Smit's dividend for 2009, valuing the company at EUR1.35 billion. In late January, Boskalis increased its offer, saying it would pay EUR60 a share plus a EUR2.75 dividend for 2009.

"The EUR60 a share plus EUR2.75 dividend for 2009 offer is not fair and does not constitute any premium for the shares Boskalis does not already own," said the shareholders, who are both international and long-term domestic investors.

Two of Smit's biggest shareholders, Delta Lloyd NV (DL.AE) and Janivo Beleggingen, have already confirmed they would accept the deal. Together with Boskalis' own shareholding in Smit, those stakes account for about 44 percent of the outstanding shares.

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