Maritrans Announces Final Results of Tender Offer

Monday, January 28, 2002
Maritrans Inc. announced the final results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City time, on January 18, 2002. Maritrans will purchase 2,176,296 shares of Maritrans Common Stock at a purchase price of $11.50 per share, or a total of $25,027,404. The 2,176,296 shares to be purchased are comprised of the 2,000,000 shares Maritrans offered to purchase and 176,296 shares to be purchased pursuant to Maritrans' right to purchase up to an additional 2 percent of the shares outstanding immediately prior to the commencement of the tender offer. Due to the exercise of such option, there will be no proration and all shares tendered at $11.50 per share or lower will be purchased. For this purpose, shares tendered at $11.50 include shares tendered by those persons who indicated, in their letter of transmittal, that they were willing to accept the price determined in the offer. All shares purchased in the tender offer will receive the same price. Payment for shares accepted for purchase, and the return of all other shares tendered but not accepted for payment, will be made promptly by American Stock Transfer & Trust Company, the depositary for the tender offer. As a result of the completion of the tender offer and immediately following payment for the tendered shares, Maritrans will have approximately 8,000,000 shares issued and outstanding. Merrill Lynch & Co. acted as dealer manager for the tender offer. D. F. King & Co., Inc. acted as information agent for the tender offer.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Finance

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Asian Airlines Pause Before Hedging on Fuel

Oil fell to four-year low of $72 on Thursday; Airlines hope the price will slip below $70 a barrel. Airlines in Asia-Pacific are holding off from hedging their

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1819 sec (5 req/sec)