Quintana Terminates Sale Process

Tuesday, January 22, 2008
Quintana Maritime Limited announced that its Board of Directors has concluded its strategic sale process. On October 16, 2007, the Board had announced the start of a process to evaluate alternatives to enhance value for the Company's shareholders. The Company, with the advice of its investment bankers, decided to conduct a comprehensive and thorough sale process. Over the course of the ensuing twelve weeks, the Company established a competitive process as a result of which several indicative proposals were explored and evaluated. None of these proposals resulted in a final proposal that was financially and contractually attractive. After careful consideration and thorough review with both its financial and legal advisors, the Board has concluded that it is in the best interests of the Company at this time to continue on its present course as an independent publicly traded entity. Significant considerations included the recent considerable deterioration in the drybulk charter market and the resulting volatility and decline in the share values of publicly traded companies in the drybulk sector. In addition, the Board was concerned that several of the indicative proposals were contingent on the availability of third party financing in a challenging credit environment. The Board concluded that it would not be appropriate in these circumstances to continue to pursue a business combination at this time. The Board will continue to focus on strategies that will enhance shareholder value, including accretive acquisitions and increased dividends.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Majority of Global Tanker Fleet Yet to Adopt ECDIS

UKHO calls on tanker owners and operators to ensure compliance with SOLAS rules on ECDIS carriage from July 1, 2015 The majority of ships in the global tanker fleet have yet to adopt ECDIS,

Seasat Wins Contract from Maersk Supply Services

Seasat A/S, the Danish communications services provider, specialized in delivering reliable broadband, television and voice services for the maritime market announces

Finance

Mercury Marine Launches Repower Financing

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers.

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Sonar
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: 0.2796 sec (4 req/sec)