Frontline Says Offer for DHT Remains 'Compelling'
Oil tanker firm Frontline reiterated its all-share offer for smaller rival DHT Holdings on Thursday despite the latter's rejection.
Last month Frontline made a non-binding offer to acquire all DHT's outstanding shares in the hope of creating the largest private tanker firm in the world. DHT rejected the offer as "wholly inadequate" on Monday.
"We believe that our offer to DHT shareholders is highly compelling since it provides a meaningful upfront premium," Frontline CEO Robert Hvide Macleod said in a statement, adding that DHT had declined to enter into talks with Frontline.
Frontline did not raise its offer, nor did it say whether it was planning to.
Frontline was not immediately available for further comment when contacted by Reuters.
(Reporting by Gwladys Fouche)