Navios Maritime Holdings has received an unsolicited non-binding proposal from N Shipmanagement Acquisition Corp (NSC) to acquire all outstanding shares not already beneficially owned by NSC and its affiliates.
Navios Holdings said that NSC, a company affiliated with chairman and CEO Angeliki Frangou, would buy the shares for a price of $1.84 in cash per common share, a 17% premium over Tuesday’s closing price. The company rose to +14.6% in early trading Wednesday after receiving the buyout proposal from NSC.
A special committee, consisting solely of independent and disinterested directors, will retain advisors and review, evaluate, negotiate, and accept or reject the proposed transaction.
The proposal is non-binding and is subject to the negotiation and execution of mutually acceptable definitive documentation.
According to its latest annual report, Frangou owns a controlling stake in Navios Holdings of around 64.1%. The company owns two assets, a 10.3% ownership interest in Navios Maritime Partners, a diversified marine transportation company, and a 63.8% ownership interest in Navios South American Logistics, a logistics and infrastructure provider in the Hidrovia region of South America.
Last year, Navios Maritime Holdings sold its 36-vessel dry bulk fleet for an aggregate consideration of $835m to Navios Maritime Partners.
