BW takes the proxy route in fight to take over Dorian LPG

BW takes the proxy route in fight to take over Dorian LPG

Having made two bids to acquire rival Dorian LPG, BW LPG is plotting a different course to take over the Stamford gas operator, nominating three people to the Dorian board.

BW LPG’s nominees to the Dorian board are Baudoin Lorans, a private equity investor, Ouma Sananikone, a non-executive director of Macquarie Infrastructure Corporation, and Jeffrey Schwarz, the co-founder of New York-based Metropolitan Capital Advisors.

BW LPG said yesterday it intends to file a proxy statement with the Securities and Exchange Commission in New York, accompanied by a WHITE proxy card, in connection with Dorian’s 2018 annual meeting.

BW LPG CEO, Martin Ackermann, said, “We are nominating three independent, highly qualified directors who each have a proven track record and have expressed their commitment to act in the best interest of all Dorian shareholders. Since announcing our proposal to combine with Dorian, the feedback we have received from a significant percentage of Dorian’s shareholders has been overwhelmingly positive, including a recent public letter of support from SEACOR Holdings, one of Dorian’s largest shareholders. We have been clear that our preference is to engage in meaningful discussions with Dorian regarding our proposed combination and we remain ready to do so. Due to Dorian’s continued refusal to engage meaningfully with us on a proposed combination, we have decided to go directly to shareholders with our director nominees. We urge all Dorian shareholders to make their voices heard by voting to elect directors who are open to exploring opportunities to maximize value.”

Acknowledging the BW board move, John Hadjipateras, Dorian chairman and CEO, responded: “The company’s board of directors is currently comprised of extremely qualified, experienced and dedicated directors, who are intensely focused on shareholder value creation and the successful execution of Dorian’s strategy.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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