Lazard assists International Shipholding in review of Liberty Shipping proposal, other alternatives

By Lisa Kerner

Charlotte, N.C., Oct. 14 - International Shipholding Corp. said its recently formed special committee will review the Sept. 2 proposal from a Liberty Shipping Group LLC subsidiary, in addition to other proposals and possible alternatives, with the assistance of Lazard and Thacher Proffitt & Wood LLP.

AMA Capital Partners LLC will continue to provide financial advisory services to the company under a prior agreement, an International Shipholding news release said.

Projection LLC, the Liberty subsidiary, offered to acquire International Shipholding for $25.75 per share.

Previously, Liberty said it was prepared to consider additional nonpublic information in support of a higher bid and that it would consider taking its offer directly to the company's shareholders or seek representation on International Shipholding's board of directors.

Liberty, an 8.3% shareholder, is a Lake Success, N.Y.-based owner and operator of dry bulk vessels.

International Shipholding is a provider of international and domestic maritime transportation services. The company is based in Mobile, Ala.

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