DHT Holdings, Inc. (DHT), an operator of a fleet of crude oil tankers, said Tuesday it will offer to acquire Saga Tankers ASA, a Norwegian-based tanker company listed on the Oslo Stock Exchange Axess list, in a deal that values Saga's total share capital at 472.4 million Norwegian Krone or $87 million.
The boards of directors of DHT and Saga Tankers have entered into a transaction agreement regarding an acquisition of Saga by DHT. Under the terms of the deal, St. Helier, the Channel Islands-based DHT will put forward a recommended voluntary exchange offer for all of the shares of Saga. The company will offer a consideration of 0.25 DHT shares per Saga share.
The offer consideration corresponds to 5.44 Krone per Saga share, based on DHT's closing share price on Friday, May 27, 2011 of $4.01. This represents a premium of about 56 percent to the closing share price of Saga on May 30, 2011, the last trading day prior to the announcement of the offer. Saga's board of directors has agreed to recommend the DHT offer to its shareholders.
Saga's shareholders representing 75.2 percent of the total share capital of the company have already given their pre-acceptances to the offer, subject to customary conditions.
Based upon DHT's outstanding share capital as of the date and assuming a 100 percent acceptance level under the offer, current DHT shareholders will own about 74.8 percent of the combined company, while current Saga shareholders will own the remaining 25.2 percent.
Commenting on the deal, Svein Moxnes Harfjeld and Trygve Munthe, senior management of DHT said, "The combined company will have a quality fleet and a strong balance sheet with available liquidity and access to capital markets to support prudent and profitable growth that is expected to benefit the shareholders of both companies."
Saga owns a fleet of four VLCCs, three of which are built in 2000 and one of which is built in 1995. Three vessels are operating in the spot market while one vessel is on time charter until the third quarter of 2012.
The combined company will operate a fleet of 16 quality crude oil tankers, of which 15 will be wholly owned. The combined fleet will consist of 10 VLCCs, 2 Suezmaxes and 4 Aframaxes, operating both on charter contracts and in the spot market.
DHT closed Friday's trading at $4.01 on a volume of 0.25 million shares.
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