Shareholders of US-based Eagle Bulk Shipping have voted in favour of a proposed merger with Greek dry bulk giant Star Bulk Carriers.
The New York-listed company said holders of approximately 65% of its outstanding shares backed the deal, which will see them receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.
The all-stock deal, expected to be complete on or about April 9, will create the world’s top publicly-listed bulker owner with a fleet of nearly 170 ships.
The combined company will be led by Petros Pappas, chief executive of Star Bulk, and will be joined by certain senior executives of Eagle Bulk, excluding CEO Gary Vogel. Star Bulk’s Spyros Capralos will serve as chairman and one member of the Eagle Board will join the board.
The bulker giant will be known as Star Bulk Carriers Corp and be headquartered in Athens, with offices in Stamford, Singapore, Copenhagen and Limassol.
