Pacific Carriers Is Propositioned by Hovert Investments
April 24, 2001
Hovert Investments Pte Ltd, a unit of Kuok (Singapore) Ltd, has made an unconditional offer for the shares of shipping company Pacific Carriers Ltd. Hovert accumulated a controlling stake of 56.56 percent on Friday, paying an offer price of S$1.25 per share for 152.7 million shares and an enhanced offer price of S$1.40 per share for 16.8 million shares at the close of business. Although the unconditional offer was at S$1.25 per share, Hovert paid $1.40 per share for the stake of shareholders "presumed to be acting in concert with the offerer" in its takeover bid for PCL.
Related News
Building the Next-Gen Maritime Prepositioning Ship & Auxiliary Crane Ship
VARD to Build Hybrid Ocean Energy Construction Vessel for Island Offshore
ULA Orders Rocket Transport Ship from Bollinger
Conflict Heating Up Over Cosco's Megaport in Peru
Adversarial Seas: AI and the Evolving Cyber Threat in Maritime