Overseas Shipholding ups offer for OSG America to $10.25 per unit

By Lisa Kerner

Charlotte, N.C., Sept. 24 - Overseas Shipholding Group, Inc. increased its per-unit price for all of the outstanding publicly held common units of OSG America LP by 28% to $10.25, the company announced on Thursday.

The previous offer price was $8.00 per unit.

The increased offer followed discussions between Overseas Shipholding and the special committee of OSG America's board of directors.

A tender offer for the OSG America units is expected to begin in October.

As previously reported, the tender offer is conditioned on the tender of more than 4,003,166 common units, which is a majority of the units of OSG America not owned by Overseas Shipholding and its affiliates.

Overseas Shipholding and its affiliates own about 77.1% of the outstanding equity of OSG America consisting of 53.3% of the outstanding common units, 100% of the outstanding subordinated units and a 2% general partner interest, according to a prior Overseas Shipholding news release.

Overseas Shipholding is a New York-based tanker company.

Tampa, Fla.-based OSG America operates U.S. flag product carriers and barges for transporting refined petroleum products.

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