DHT Holdings rejects bid from Frontline
Published by Callum O'Reilly,
Senior Editor
Tanks and Terminals,
The Board of Directors of DHT Holdings Inc. has unanimously rejected a recent proposal from Frontline Ltd to acquire all of the outstanding shares of common stock of DHT at a ratio of 0.8 Frontline shares for each DHT share.
In a letter to Robert Hvide Macleod, Principal Executive Officer of Frontline, the Board of DHT Holdings said that the bid “significantly undervalued the contribution that DHT's business would make to a combined company.”
The Board also referenced the fact that the most recent bid – lodged on 25 April 2017 – is the same as an original proposal put forward at the end of February 2017. The letter read: “Charter rates, asset values and other conditions are changing constantly in our industry, and DHT's fleet has evolved significantly since your February proposal.”
The letter continued: “The bottom line is that Frontline's proposed takeover of DHT is so woefully inadequate that we do not believe further engagement will result in a fair offer for the DHT franchise.”
Read the article online at: https://www.tanksterminals.com/storage-tanks/09052017/dht-holdings-rejects-bid-from-frontline/
You might also like
Hydrocarbon Engineering Podcast
Peter Davidson, CEO of the Tank Storage Association (TSA), joins us to discuss the essential role that the tank storage sector has to play in ensuring supply security and resilience, as well as in facilitating the energy transition.
Advario and Braskem Idesa inaugurate US$500 million ethane storage terminal in Veracruz, Mexico
Developed as a 50 - 50 partnership between the two companies, the terminal marks a major milestone in Mexico’s energy and petrochemical infrastructure.