SPII Holdings, a company controlled by George Economou, has completed the acquisition of Greek shipping company DryShips.
In the merger, all outstanding shares of common stock, USD 0.01 par value, of DryShips not owned by SPII were converted into the right to receive USD 5.25 per share in cash, without interest.
In connection with the completion of the transaction, DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.
The development comes on the back of a vote undertaken by the Greek shipping company’s shareholders last week. The shareholders voted in favor of the proposal to authorize and approve the agreement and plan of merger with SPII Holdings, entered into on August 18, 2019.
Pursuant to the agreement, Sileo Acquisitions, a wholly owned subsidiary of SPII, was merged with and into DryShips. The company continues as the surviving corporation and becomes a wholly owned subsidiary of SPII.