Andreas Sohmen-Pao’s BW LPG has pulled out of a proposed $1.1bn merger with rival Dorian LPG after months of back and forth bickering between the pair. Citing “Dorian’s continued refusal to give a meaningful response to BW LPG’s outstanding proposal, engage in constructive two-way discussions, or schedule its annual meeting,” BW LPG has pulled the plug on the planned takeover of the John Hadjipateras-led company.
In a letter to Hadjipateras, Sohmen-Pao concluded by writing: “We believe this is a lost opportunity for Dorian shareholders and for the industry, but remain open to a future conversation should your board and shareholders become convinced of the merits of consolidation.”
