Timothy Cottew News

Norway's John Fredriksen raised his offer price for Singapore's Osprey Maritime by 12.5 percent in a move seen likely to result in a management change and possible de-listing of the group. Fredriksen, through his privately held World Shipholding Ltd., lifted his offer from S$1.00 to S$1.125 per share for the 38.85 percent of the tanker group he does not already own. Osprey shares ended up 11 percent at S$1.11 after hitting a high of S$1.16. Volume was thin at 660,000 shares. After the market close, the firm announced that its board member Charles Klotz had resigned effective January 10. It did not give a reason. The higher offer comes after criticism from Osprey management that World's initial offer undervalued the company.