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 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

Contracts

Wärtsilä, Zamakona Yards Join forces in Canary Island

Wärtsilä is enhancing its service offering by participating in a new maintenance hub in the Canary Islands. The facility, operated by one of Spain's biggest shipbuilding and ship repair groups,

Diana Shipping Enters Contract with SwissMarine

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Ice Class Panamax dry bulk vessels,

UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision

Finance

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports the Korea Herald. A

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.0834 sec (12 req/sec)