George Economou’s Nasdaq-listed shipowning company DryShips has announced that it has received an offer letter from SPII Holdings, a company controlled by Economou, proposing that DryShips is merged into a subsidiary of SPII Holdings.
DryShips did not reveal any details of the offer, only that it has formed a special committee consisting of disinterested directors to consider the proposal.
According to the company’s 2018 annual report, Economou had a 83.4% stake in DryShips making the deal very likely to go through.
The announcement immediately sent DryShips shares rocketing up over 27% to $4.05.
DryShips has a fleet consisting of 32 vessels made up 20 bulkers, six tankers and six offshore vessels. It also owns tanker pool operator Heidmar, spending $17m last week to buy the remaining 49.8% stake and a 0.4% management stake from Morgan Stanley.
