Navios Maritime surges on $4.2 bln merger deal

Navios Maritime Partners

27/08/2021 10:55

** Oil and chemical shipping co Navios Maritime Acquisition
Corp's  NNA.N  shares surge 35.7% to $2.85 premarket, set for
highest open in more than a month 
    ** Stock among top three pct. gainers before the opening
bell, across exchanges 
    ** NNA says it will merge with minerals shipper Navios
Maritime Partners L.P.  NMM.N  in an all-stock deal that values
the combined co at $4.2 bln  urn:newsml:reuters.com:*:nGNX3JW5pC
    ** Cos put per share value of the deal at $3.40,
representing a premium of ~62% to NMM's closing price on
Thursday; NNA shareholders will receive 0.1275 of a common unit
of NMM for each NNA share  
    ** NNA will merge with a subsidiary of NMM; deal expected to
close in Q4
    ** NMM down 9.4% at $23.25 
    ** Up to Thursday's close, NNA had fallen 32% YTD, while NMM
had more than doubled

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com;))