Restructured tanker company Concordia Maritime’s largest shareholder, Stena Sessan, has made a cash bid of SEK9.80 ($0.94) per share to take full control of the company and take it private. The price means a premium of 56% compared to Monday’s closing price of SEK6.30.
“Concordia Maritime has completed a number of vessel divestments during the past few years and today only one vessel remains, which is employed on a charter with options for extension up until 2030. We therefore believe that the company’s operations are better suited for an unlisted environment and offer other shareholders to benefit from the current value of the company’s assets in an attractive way, and accordingly, avoid being locked in during the remaining charter period,” said Karl Swartling, CEO of Stena Sessan.
The acceptance period is expected to start on December 14 and end on January 11 next year.
