OSG Increase in Proposed Tender Offer Price

Sunday, September 27, 2009

OSG America, L.P. (OSG America, NYSE: OSP) reported that Overseas Shipholding Group, Inc. (OSG; NYSE: OSG), which owns a 77.1% interest in OSG America, announced that it has increased the price per unit that it will offer to pay for all of the outstanding publicly held common units of OSG America from $8.00 to $10.25 per unit in cash. The increased offer price represents a 28% increase over the original proposed offer price of $8.00 per unit, a premium of approximately 44% over the closing price of the units on July 29, 2009, the last full trading day prior to the first public announcement of OSG’s proposed offer, and a premium of approximately 42% above the average closing price of the units for the 90 trading days immediately preceding July 29.

OSG’s decision to increase the offer price follows extensive discussions between OSG and a committee of independent members of the Board of Directors of OSG America LLC appointed to review OSG’s offer. The committee has informed OSG that OSG’s increased price of $10.25 per unit is fair to common unitholders, from a financial point of view, as of September 24, 2009.

OSG has stated that it expects to commence the tender offer in October, after OSG has prepared all necessary documentation. OSG and its affiliates currently own approximately 53.3% of the outstanding common units, 100% of the outstanding subordinated units and a 2% general partner interest, representing in the aggregate approximately 77.1% of the outstanding equity of OSG America.

(www.osgamerica.com)
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Baltic Dry Bulk Index Dips on Weak Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to dip on Wednesday due to sluggish demand across vessel segments.

OMB - Subchapter M Cleared for Publication

The Office of Management and Budget (OMB) completed its review of the draft final rule entitled Inspection of Towing Vessels, also known as "Subchapter M." The

Tanker Departs Libya Empty amid Political Crisis

A tanker that an oil company set up by Libya's eastern government prevented from loading has left the eastern port of Marsa el-Hariga, a port official said on Wednesday.

 
 
Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0961 sec (10 req/sec)