BW LPG Closer to Buying All Aurora LPG Shares
Image Courtesy: BW LPGSingapore’s gas carrier owner BW LPG has decided to launch a voluntary unconditional tender offer for all the remaining shares in Oslo-listed Aurora LPG.
The company is now offering either 0.3175 new common shares of BW LPG and NOK 7.40 in cash, or NOK 16 in cash for each of the remaining share in Aurora LPG.
“With the strong support of the Board of Directors as well as that of a majority of shareholders in Aurora LPG, we are confident that the combination of BW LPG and Aurora LPG will create a stronger player in the challenging environment in the LPG shipping industry,” Martin Ackermann, CEO of BW LPG, said.
He added that the combined entity “will own the world’s largest VLGC fleet which will allow BW LPG to improve the reliability and flexibility of the LPG transportation services.”
BW LPG may at its sole discretion extend the offer period, but the company said that the offer period will not be extended beyond December 12, 2016.
BW LPG is the owner of 9,730,654 shares in Aurora LPG, corresponding to 32.79% of the total number of shares in issue. In connection with the offer, shareholders representing in aggregate 5,342,300 Aurora LPG shares, or approximately 18% of the outstanding shares in Aurora LPG, including Transpetrol Shipping and Sundt AS, have irrevocably undertaken to accept the offer.
The company and the shareholders which have undertaken to accept the offer accordingly together hold 52.63% shares in Aurora LPG, excluding treasury shares.
The launch of the offer comes less than a month after the company increased its offer for the remaining shares to either 0.3175 shares in BW LPG and NOK 7.40 in cash; or NOK 13.55 in cash.
