Fortress to Acquire Stelmar Shipping Ltd.

Tuesday, September 21, 2004
Stelmar Shipping Ltd. announced that its Board of Directors has unanimously approved a definitive agreement for Stelmar to be acquired by affiliates of Fortress Investment Group LLC (collectively "Fortress") in a merger transaction for $38.55 per share in cash. The total value of the transaction is approximately $677 million in cash. The price represents a premium of 55% over the closing price of Stelmar's common stock on May 14, 2004, the last trading day prior to the announcement by OMI Corporation of a proposal for a business combination involving Stelmar, and a premium of 8% over the closing price of Stelmar's common stock on September 17, 2004, the last trading day prior to this announcement. The agreement represents the conclusion of Stelmar's review, announced on June 28, 2004, of strategic alternatives for further enhancing shareholder value. The merger, which is expected to close during the fourth quarter of 2004, is not conditioned on financing but is subject to approval and authorization by Stelmar shareholders and other customary closing conditions. Nick Hartley, Chairman of Stelmar, commented "This transaction represents the best opportunity to create significant value for all of our shareholders. As we announced on June 28, Stelmar's Board of Directors authorized its management and financial advisors to review strategic alternatives, including the continued execution of Stelmar's successful stand-alone business strategy as well as a range of other alternatives for further enhancing shareholder value. This transaction represents the culmination of that review. Our management team and all of our employees look forward to continuing to provide the highest level of service to our customers around the world." Wesley R. Edens, Chief Executive Officer of Fortress, said, "We are excited by the opportunity to make a substantial investment in the energy transportation sector. We believe that Stelmar represents a unique combination of a modern, high quality fleet and a highly respected and experienced management team."

Maritime Today


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

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

People & Company News

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Contracts

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

Wärtsilä to Power Two Indian Dredgers

Wärtsilä has won an order for two new 8000m3 trailing suction hopper dredgers being built for the Adani group, India's largest private multi-port operator. The

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
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: 0.1216 sec (8 req/sec)