Thursday, Overseas Shipholding Group Inc. (OSG) increased the price per unit that it will offer to pay for all of the outstanding publicly held common units of OSG America L.P. (OSP) from $8.00 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 approximately 44% over the closing price of the units on July 29 and a premium of approximately 42% above the average closing price of the units for the 90 trading days immediately preceding July 29.
The company noted that its decision to increase the offer price follows extensive discussions between OSG and a committee of independent members of the Board of Directors of OSG America LLC 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.
Overseas Shipholding Group Inc., a bulk shipping company, engages primarily in the ocean transportation of crude oil and petroleum products. It owns and operates a fleet of oceangoing vessels and provides transportation of liquid and dry bulk cargoes. The company primarily serves independent and state-owned oil companies, oil traders, and government entities.
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