Bear Stearns Unit to Buy MC Shipping

MC Shipping Inc. said it agreed to be bought by a Bear Stearns private-equity affiliate. The offer price is a premium of nearly 20 percent over MC Shipping's closing stock price on Friday. Based on the 9.5 million shares outstanding MC Shipping reported as of April 27, the deal is worth $135.5 million. Including assumed debt and other items, MC Shipping said the total transaction value is about $284 million. The company said it will hold a special shareholder meeting Sept. 5 to vote on the deal. If shareholders approve the deal, the merger would close immediately afterward. Source: AP