Rights Plan News

Singapore's Temasek Holdings stepped in on Monday to support a S$2.1 billion ($1.5 billion) rights issue by Sembcorp Marine as the state investor moves to help the city-state's struggling rig-building sector.Following the deal, loss-making Sembcorp Marine, which has been hit hard by an industry downturn, plans to demerge from its parent company Sembcorp Industries."It's just the next step in Singapore's long overdue consolidation of the offshore and marine sector," said KGI Securities analyst Joel Ng.

DHT Holdings, Inc has received a non-binding, highly conditional proposal from Frontline Ltd to acquire all of the outstanding shares of common stock of DHT in a stock-for-stock transaction. Frontline has proposed a ratio of 0.725 of a Frontline share for each share of DHT, which represents an implied price of $5.09 per DHT share, based on the closing price of Frontline shares of common stock on January 27, 2017. In the proposal letter delivered to DHT's Board of Directors on January 27, 2017, Frontline also disclosed that it has acquired more than 15 million shares of DHT, or approximately 16% of DHT's outstanding common stock. Consistent with its fiduciary duties, DHT's Board will evaluate the proposal from Frontline and respond accordingly in due course.

The Board of Directors of Dorian LPG Ltd. (NYSE: LPG) today adopted a shareholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of Company common stock (each, a "Right"). The shareholder rights plan will replace the Company's existing rights plan that is due to expire pursuant to its terms on December 20, 2016. John Hadjipateras, Chairman and Chief Executive Officer of the Company, stated: "The Board's decision to adopt the rights plan underscores its commitment to the equitable treatment of all the Company's shareholders. The Rights are intended to enable all Company shareholders to realize the long-term value of their investment in the Company.

The board of Brazil's state-run oil company, Petrobras, approved the exploration of new oil and gas fields in February, Planning Minister Miriam Belchior said on Friday, countering criticism by some board members that they were not previously informed of a 15 billion reais ($6.8 billion) oil-rights deal. Petroleo Brasileiro SA, as the company is formally known, on Tuesday was awarded the rights to explore four fields off Brazil's southeast coast believed to contain an estimated 5 billion to 9 billion barrels of oil. In return, it will pay the government 15 billion reais through 2018, with 2 billion reais going to the Treasury's coffers this year. The cash will help the government with its fiscal goals amid a weakening economy.

Dril-Quip, Inc. (NYSE:DRQ), manufacturer of offshore drilling and production equipment, announced that its Board of Directors has adopted a Stockholder Rights Plan designed to protect the company's stockholders from coercive or unfair takeover techniques. Terms of the Rights Plan provide for a dividend distribution of one right for each outstanding share of common stock to holders of record at the close of business on December 5, 2008. The Rights Plan would be triggered if an acquiring party accumulates 15 percent or more of the company's common stock and would entitle holders of the rights to purchase either shares of the company's stock or shares in an acquiring entity at half of market value.

Omega Navigation Enterprises, Inc. announced that its Board of Directors has approved a shareholder rights plan designed to enable the company to protect shareholder interests in the event an unsolicited attempt is made for a business combination with or takeover of the Company. The Company believes the shareholder rights plan will enhance the Board's negotiating power on behalf of shareholders in the event of an unsolicited business combination or takeover attempt. The Company is not aware of any such offers or proposals at this time and is adopting the plan as a matter of prudent corporate governance. The terms of the shareholder rights plan are set forth in a filing that the Company has made with the Securities and Exchange Commission today.

Tidewater Inc. announced that the company’s stockholder rights plan expired in accordance with its terms on November 1, 2006. While the company is not currently considering the adoption of a new stockholder rights plan, the Board of Directors has adopted a policy preserving its ability to implement a stockholder rights plan in the future. This newly adopted rights plan policy provides that in the future the Board will only adopt a stockholder rights plan if approved by the Company’s stockholders or if the Board, in the exercise of its fiduciary responsibilities, determines that the adoption of a rights plan without delay is in the best interest of the Company’s stockholders.