Liberty Shipping questions International Shipholding's commitment to shareholders

By Lisa Kerner

Charlotte, N.C., Oct. 27 - Liberty Shipping Group LLC subsidiary Projection LLC said it is prepared to immediately execute a confidentiality agreement with International Shipholding Corp.

In an Oct. 27 letter to International Shipholding's special committee, Projection said it has been more than seven weeks since it delivered its written proposal to acquire International Shipholding for $25.75 per share in cash.

According to Projection chairman, president and chief executive officer Philip J. Shapiro, it has been six weeks since International Shipholding formed a special committee. The committee only recently appointed an independent financial adviser to assist in its review of Projection's proposal.

Projection believes International Shipholding should have formed a special committee and hired a financial adviser "months ago."

"Your dilatory tactics, including your continuing refusal to meet with us, only raise questions regarding the International Shipholding board's commitment to maximizing value for all its shareholders," the letter said.

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, a 9% shareholder, is a Lake Success, N.Y.-based owner and operator of dry bulk vessels.

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

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