Tidships Offers to Buy Belships for USD 32 Mn

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Norway-based Tidships has, through a subsidiary, made a NOK 257.7 million (USD 32.2 million) offer to take over compatriot bulk ship operator Belships.

The subsidiary, Consensio, has unveiled the voluntary cash offer for all of the outstanding shares of Belships at a purchase price of NOK 5.50 per share.

Consensio is a 100% owned subsidiary of Tidships, which owns 5,020,432 or 10.72% of outstanding shares in Belships.

The offer price represents a premium of 10% above the closing price for the Belships-share on Oslo Børs, June 12, 2018, and a premium of approximately 8.5% and 7% respectively above the volume weighted average share prices in the three and six-month periods ending on June 12, 2018.

Consensio informed that it would reduce the required acceptance level to 67% if the current majority shareholder in Belships (Sonata AS) wishes to continue as a shareholder in Belships with a minority holding.

Consensio will, in such event, merge the activities of Tidships and its affiliates in the handymax and supramax segments with Belships and continue the current listing of Belships’ share on the Oslo Stock Exchange.

The offer will, in the event Consensio has not publicly announced completion by September 20, 2018, lapse.

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