DHT Holdings yesterday announced that its board of directors had unanimously rejected John Fredriksen’s Frontline revised takeover, likely putting an end to the acquisition battle between the two VLCC firms.
The DHT board said the revised offer was “wholly inadequate”. DHT said it had tried to fix meetings with senior Frontline management but had been rebuffed.
Frontline, for its part, hinted in its latest quarterly report yesterday that it would not pursue DHT further but would look at other acquisitions, rather than ordering new ships.
In its quarterlies, Frontline also revealed it had snapped up a pair of DSME resale VLCCs due in the third quarter this year for $77.5m per unit, a price it described as “historically low”.
