Marine Link
Friday, March 29, 2024

Holyman Rejects Adsteam Takeover Offer

Maritime Activity Reports, Inc.

September 7, 1999

Directors of shipping and transport group Holyman Ltd. unanimously rejected a revised takeover bid from tugboat operator Adsteam Marine Ltd., saying it was still below fair value. The new Adsteam bid, which was upped to 52 cents a share from 45 cents, was still significantly below a valuation prepared by SG Hambros, which puts Holyman at between 60 and 89 cents a share.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week