Overseas Shipholding begins $10.25-per-unit offer for OSG America

By Lisa Kerner

Charlotte, N.C., Nov. 5 - Overseas Shipholding Group, Inc., through wholly owned subsidiary OSG Bulk Ships, Inc., began its $10.25-per-unit cash tender offer for all the outstanding publicly held common units of OSG America LP.

The offer, valued at $72 million not including fees and expenses, will end at 11:59 p.m. ET on Dec. 4, according to an Overseas Shipholding news release.

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, a prior Overseas Shipholding news release said.

Innisfree M&A Inc. is the information agent for the offer.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.