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BW LPG sweetens merger offer for US LPG shipping company Dorian

July 10/2018

MOSCOW (MRC) -- BW LPG, a Singaporean liquefied petroleum gas shipping (LPG) transportation fleet owner, has upped its all-stock proposal to merge with US LPG shipping company Dorian LPG in a move to engage with the latter following an initial refusal, said Compello.

As per the new proposal, BW LPG said that it will issue 2.12 of its shares for each share in the US LPG shipping company. The previous offer was 2.05 shares of BW LPG in exchange of a Dorian share.

The transaction value, like in the earlier offer made in late May, remains to be USD1.1bn.

BW LPG said that the revised proposal, which has been approved unanimously by the companys board of directors, represents a value of USD8.67 per share of Dorian common stock. On the other hand, the total equity value of the all-stock deal is nearly USD479m.

BW LPG CEO Martin Ackermann said: By increasing our offer at this time, we are reaffirming BW LPGs belief that this transaction will deliver significant value to both companies stakeholders and that the time to act is now.

It is evident from our discussions with Dorian shareholders that there is strong support for the companies to engage immediately regarding our proposed combination and capitalize on this compelling opportunity."

BW LPG revealed that it had made several attempts to get into a dialogue with the management team and advisors of Dorian for more than a month over its proposal, but in vain.

In a letter addressing the board of directors of Dorian, Ackermann, wrote that the Singaporean firm is surprised and disappointed by the US LPG shipping companys refusal to engage with it.


mrcplast.com
Author:Anna Larionova
Tags:gas processing, petrochemistry, Singapore.
Category:General News
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