Ship owner explores possible acquisition of TOP Ships

By Lisa Kerner

Charlotte, N.C., Sept. 25 - TOP Ships Inc. entered into an exclusivity agreement with an affiliate of Greek ship owner George Economou.

The agreement, which expires on Oct. 8, allows the affiliate to explore a possible acquisition of TOP Ships for $6 per share, a company news release said.

In addition, TOP Ships said it agreed to reimburse the affiliate's out-of-pocket expenses up to $1 million, in certain circumstances.

TOP Ships, formerly known as TOP Tankers Inc., is an Athens-based shipping company.

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