Brief: Star Bulk And Eagle Bulk Shipping Announce Merger

Eagle Bulk Shipping

11/12/2023 22:32

Dec 11 (Reuters) - Star Bulk Carriers Corp  4FAP.F :
    * STAR BULK AND EAGLE BULK SHIPPING TO COMBINE, CREATING A
GLOBAL
LEADER IN DRY BULK SHIPPING
    * EAGLE BULK SHIPPING-  UNDER TERMS, EAGLE SHAREHOLDERS WILL
RECEIVE 2.6211 SHARES OF STAR BULK COMMON STOCK FOR EACH SHARE
OF EAGLE COMMON STOCK OWNED
    * EAGLE BULK SHIPPING- UPON CLOSE DEAL, STAR BULK AND CO
WILL OWN
ABOUT 71% AND 29% OF COMBINED COMPANY ON A FULLY DILUTED BASIS,
RESPECTIVELY
    * EAGLE BULK SHIPPING - COMBINED COMPANY WILL BE LED BY
CURRENT
MANAGEMENT TEAM OF STAR BULK AND WILL BE JOINED BY CERTAIN
SENIOR EXECUTIVES OF EAGLE
    * EAGLE BULK SHIPPING INC -  UPON CLOSE, PETROS PAPPAS WILL
SERVE
AS CEO OF COMBINED COMPANY
    * EAGLE BULK SHIPPING INC -  UPON CLOSE, SPYROS CAPRALOS,
CURRENT
CHAIRMAN OF STAR BULK, WILL SERVE AS CHAIRMAN OF COMBINED
COMPANY'S BOARD
    * EAGLE BULK SHIPPING INC - COMBINED COMPANY WILL OPERATE AS
STAR
BULK CARRIERS CORP.
    * EAGLE BULK SHIPPING INC -  AGREEMENT UNANIMOUSLY APPROVED
BY
BOARDS OF DIRECTORS OF BOTH COMPANIES
    * EAGLE BULK SHIPPING INC -  DEAL REPRESENTS A TOTAL
CONSIDERATION
OF APPROXIMATELY $52.60 PER SHARE
    * EAGLE BULK SHIPPING INC - EXPECT TO REALIZE MEANINGFUL
FINANCIAL
BENEFITS FROM SIGNIFICANT COST AND REVENUE SYNERGIES

Source text for Eikon:  ID:nGNX3jRQ02 
Further company coverage:  4FAP.F 

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