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
Important new phase for the future of EemsEnergyTerminal at the port of Eemshaven
EemsEnergyTerminal has entered an important new phase in determining whether the floating LNG terminal at the port of Eemshaven will be kept in operation for a longer period.