MC Shipping Shareholders Approve Merger

Wednesday, September 05, 2007
MC Shipping Inc. announced that, at a special meeting of shareholders held today, its shareholders approved the merger agreement pursuant to which Mast Acquisition Ltd., a newly-formed affiliate of Bear Stearns Merchant Banking ("BSMB"), will acquire the outstanding shares of MC Shipping for a price of $14.25 per share in cash. Approximately 97.5% of MC Shipping's common shares present and voting at the special meeting were voted in favor of the proposed merger, representing approximately 75.12% of the total number of common shares entitled to vote at the special meeting. In accordance with the terms of the merger agreement, MC Shipping expects to complete the merger within five business days, subject to satisfaction of the conditions to closing set forth in the merger agreement.

DnB NOR Markets served as the financial advisor to MC Shipping Inc. in connection with the transaction, and Milbank, Tweed, Hadley & McCloy LLP served as legal counsel. HSBC Securities (USA) Inc. and Poten Capital Services, LLC served as financial advisors to BSMB, and Weil, Gotshal & Manges LLP served as legal counsel.


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