Liberty Shipping drops stake in International Shipholding to 8%

By Angela McDaniels

Tacoma, Wash., March 30 - International Shipholding Corp. investors led by Liberty Shipping Group LLC sold 74,949 shares of the company's common stock, leaving them with an 8.0% ownership interest.

The shares were sold between March 12 and March 27 for $18.65 to $20.54 each, according to a schedule 13D/A filing with the Securities and Exchange Commission.

The reporting persons beneficially own 577,151 International Shipholding shares. They reported ownership of 597,600 shares, or 8.3%, of the company's common stock in October.

As previously reported, Liberty Shipping made an unsolicited offer in September to acquire the company for $25.75 per share and announced plans in November to nominate a slate of directors to replace International Shipholding's board of directors at the company's next annual meeting.

Liberty Shipping then withdrew its offer in January and said it did so because International Shipholding's board repeatedly refused to engage in serious discussions and denied Liberty Shipping access to non-public information.

The shareholder also dropped its plan to replace the board.

Mobile, Ala.-based International Shipholding provides international and domestic maritime transportation services.

Liberty Shipping is a Lake Success, N.Y.-based owner and operator of dry bulk vessels.

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