Determined to have the last word in the four-month takeover tussle between BW LPG and Dorian LPG, John Hadjipateras, Dorian’s boss, has responded to his counterpart, Andreas Sohmen-Pao.
Yesterday, BW pulled the plug on a proposed $1.1bn takeover of Dorian, citing the Hadjipateras-led company’s unwillingness to negotiate as a barrier to getting the deal over the line.
However, Hadjipateras has fired back, writing to Sohmen-Pao and reminding him that the two companies did hold multiple meetings over the past few months, including as recently as a fortnight ago.
“To explore the full range of value-creating opportunities available to Dorian LPG, we asked several times if you could improve your proposal, and left the door open to further discussion and a response to the issues that we outlined in our latest meeting. Instead, you have refused to consider improving your proposal and, most recently, have withdrawn your proposal,” Hadjipateras wrote.