BW LPG Goes After Aurora

Image Courtesy: BW LPG

Singapore-based BW LPG Limited will launch a voluntary tender offer for all of the remaining shares in Aurora LPG after its subsidiary, BW LPG Holding Limited, bought 877,813 additional shares yesterday and increased its stake in the company to 32.79%.

Following the latest acquisition, the second one this week, BW LPG Holding owns 9,730,654 shares in Aurora LPG.

BW LPG now plans to offer either 0.3175 shares in BW LPG and NOK 6.15 (USD 0.74) in cash; or NOK 12.30 in cash for each remaining share in Aurora.

The voluntary offer will be subject to a minimum acceptance ratio of 90%, including the shares already owned by BW LPG, competition clearances and other customary conditions.

BW LPG is in the process of preparing an offer document for the offer, and the offer will be launched following regulatory approval of the offer document, expected to take place at the beginning of November 2016.

Transpetrol Limited, one of Aurora’s shareholders, representing 2,919,655 shares (9.84%), has irrevocably undertaken to accept the offer for all of its shares in the company. BW LPG and Transpetrol Limited together, excluding treasury shares held by Aurora LPG, represent 44.17% of shares in the company.

“We believe that the Offer will provide an attractive opportunity for the Aurora LPG shareholders, to maintain exposure to and participate in, the future upside in the VLGC market. The combination of BW LPG and Aurora LPG will create a stronger player in the challenging environment in our industry. The combined entity will have a significant, modern and high quality fleet, a strong platform and the financial resources required to continue its operations through this challenging period,” said Martin Ackermann, CEO of BW LPG.

Share this article

Follow World Maritime News

In Depth>


<< Dec 2017 >>
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Maritime Reconnaissance and Surveillance Technology

Over the past few years, maritime intelligence gathering and ISR capabilities have returned to the forefront of the defence industry…

read more >


Clarify regulations. Plan BWMS integration. Prevent operational failure…

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >