Overseas Shipholding to be acquired by Saltchuk in $950 mln deal, shares jump

Octave Specialty

20/05/2024 13:08

** Shares of transportation services firm Overseas
Shipholding Group  OSG.N  jump 20.3% to $8.25 premarket
    ** OSG says privately held Saltchuk Resources will be
acquiring co for $950 mln
    ** Says transaction values co at equity value of about $653
mln and total transaction value of $950 mln
    ** Saltchuk will acquire all outstanding shares of OSG it
does not already own for $8.50 per share in cash, a 23.9%
premium to OSG stock's last close
    ** Following transaction's completion, OSG will operate as
standalone business unit within Saltchuk, OSG says in statement
    ** Up to last close, OSG shares up ~30% YTD

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))