Overseas Shipholding Group Inc. (OSG) said that it has increased the tender offer price for all of the outstanding publicly held common units of OSG America L.P. (OSP) from $8 to $10.25 per unit in cash.
The increased offer price represents a 28% increase over the original proposed offer price of $8.00 per unit, a premium of about 44% over the closing price of the units on July 29, the last full trading day prior to the first public announcement of OSG's proposed offer, and a premium of about 42% above the average closing price of the units for the 90 trading days immediately preceding July 29.
OSG said that it has decided to increase the offer price following an extensive discussions with a committee of independent members of the board of OSG America appointed to review OSG's offer. The committee has informed OSG that OSG's increased price of $10.25 per unit is fair to common unitholders, from a financial point of view, as of September 24.
The tender offer is expected to commence in October, after OSG has prepared all necessary documentation.
OSG and its affiliates currently own about 53.3% of the outstanding common units, 100% of the outstanding subordinated units and a 2% general partner interest, representing in the aggregate about 77.1% of the outstanding equity of OSG America.
OSP is currently trading at $10.16, up $1.50 or 17.32%. OSG is currently trading at $39.02, down 71 cents or 1.79%.
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