George Economou moves to take full control of DryShips

George Economou moves to take full control of DryShips

George Economou’s Nasdaq-listed shipowning company DryShips has announced that it has received an offer letter from SPII Holdings, a company controlled by Economou, proposing that DryShips is merged into a subsidiary of SPII Holdings.

DryShips did not reveal any details of the offer, only that it has formed a special committee consisting of disinterested directors to consider the proposal.

According to the company’s 2018 annual report, Economou had a 83.4% stake in DryShips making the deal very likely to go through.

The announcement immediately sent DryShips shares rocketing up over 27% to $4.05.

DryShips has a fleet consisting of 32 vessels made up 20 bulkers, six tankers and six offshore vessels. It also owns tanker pool operator Heidmar, spending $17m last week to buy the remaining 49.8% stake and a 0.4% management stake from Morgan Stanley.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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