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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Workboats: Communications is Key Operational Tech

As we close out yet another year, I am constantly amazed at how much things change on the waterfront and the boats that ply the adjacent waters. Similarly, I like

Lowrance Renews Insight Genesis College Cup

Lowrance®, a world-leading brand in fishing electronics since 1957— announced today the renewal of its Insight Genesis™ College Cup. In its second year, the

NMEA Updates Installation Standards

2014 edition of NMEA 0400, Version 4.00 features extensive updates and new information   The National Marine Electronics Association (NMEA) has published Edition 2014, Version 4.

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1781 sec (6 req/sec)