Excel Maritime to Acquire Quintana

Tuesday, January 29, 2008
Excel Maritime Carriers Ltd and Quintana Maritime Limited announced that Excel has agreed to acquire Quintana pursuant to a definitive merger agreement whereby Quintana would become a wholly owned subsidiary of Excel. Excel will pay $13.00 per share in cash per share of Quintana common stock and 0.4084 shares of Excel Class A common stock per share of Quintana common stock. In the event the average closing price of Excel’s Class A common stock during the 15 trading day period ending before the effective date of the merger exceeds $45 per share, this exchange ratio will be adjusted so that the total value delivery per Quintana share including cash is $31.38, unadjusted for dividend payments. Based on Excel’s closing price of $33.00 as of January 28, 2008, and unadjusted for dividend payments, the offer represents a total value of $26.48 per share, representing a 57% premium to Quintana’s January 28th closing price of $16.89 and a 34% premium to Quintana’s 30-day average price. In all cases, the value of the Excel Class A common stock to be delivered per Quintana share shall be reduced by the amount of any dividends paid by Quintana in 2008 up to the closing of the merger. The merger agreement was approved by the boards of directors of each company.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Atkins Gain Maersk Oil Engineering Contract

Design, engineering and project management consultancy Atkins, says it has been awarded an engineering support contract covering three of Maersk Oil’s UK assets in the North Sea.

Brokers Marcon Conclude Ocean Deck Barge Sale

Marcon International, Inc. of Coupeville, Washington says that Pacific Coast Maritime, Inc., Seattle, Washington, a subsidiary of Harley Marine Services, Seattle,

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage 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: 0.1119 sec (9 req/sec)