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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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