SPII Holdings Finalizes Acquisition of DryShips

Maritime Activity Reports, Inc.

October 14, 2019

File Photo: DryShips

File Photo: DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.

SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.

In connection with the completion of the transaction, the DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.

Evercore acted as financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to the special committee of the Company’s Board of Directors composed solely of independent directors. Seward & Kissel LLP acted as legal counsel to the Company. Orrick, Herrington & Sutcliffe LLP acted as legal counsel to SPII.

As of October 11, 2019, DryShips Inc. operates a fleet of 32 vessels consisting of (i) 9 Newcastlemax drybulk vessels; (ii) 5 Kamsarmax drybulk vessels; (iii) 6 Panamax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Suezmax tankers; (vi) 3 Aframax tankers; and (vii) 6 Offshore Support Vessels, including 2 Platform Supply and 4 Oil Spill Recovery Vessels.

In addition, the Company owns 100% of Heidmar, a leading commercial tanker pool operator.

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