Maritrans Announces Preliminary Results of Tender Offer

Tuesday, January 22, 2002
Maritrans Inc., announced the preliminary results of its modified Dutch auction tender offer, which expired at 5:00 p.m., New York City time, on January 18, 2002. Maritrans expects to purchase 2,203,204 shares of its Common Stock at a purchase price of $11.50 per share, or a total of $25,336,846. The 2,203,204 shares expected to be purchased are comprised of the 2,000,000 shares Maritrans offered to purchase and 203,204 shares, which represent an additional 2 percent of the shares outstanding immediately prior to the commencement of the tender offer. Due to over-subscription, Maritrans expects the final proration factor for shares tendered at $11.50 per share to be approximately 98.8 percent. For this purpose, shares tendered at $11.50 per share will include shares tendered by those persons who indicated, in their letter of transmittal, that they are willing to accept the price determined in the offer. All shares purchased in the tender offer will receive the same price. Maritrans Inc. commenced the tender offer on December 17, 2001, when it offered to purchase up to 2,000,000 shares of its Common Stock at a price between $11.00 and $12.50 per share, net to the seller in cash, without interest. As a result of the completion of the tender offer, Maritrans expects to have approximately 7,959,000 shares issued and outstanding as of the time immediately following payment for the tendered shares.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

TDDCL Seeks Input for New Repair Yard

Trinidad Dry Dock Company to develop new ship repair yard at Port of Spain; company requests Expressions of Interest for Environmental Impact Assessment and Geotechnical

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Finance

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Turkey Maritime Sector Alive & Kicking

Located on the periphery of two great continents, Turkey has benefitted from being in a favored position right at the center of an assertive and fast growing economic area.

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction
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: 0.1539 sec (6 req/sec)