Saltchuk Resources completes acquisition of Overseas Shipholding Group

Overseas Shipholding Group
An Overseas Shipholding GroupOverseas Shipholding Group

Saltchuk Resources has successfully completed its previously announced tender offer to acquire all of the outstanding shares of common stock of the Overseas Shipholding Group (OSG) not already owned by Saltchuk for a purchase price of US$8.50 per share in cash, an enterprise value of approximately US$950 million. The transaction closed on Wednesday, July 10, hence making OSG a wholly-owned subsidiary of Saltchuk.

OSG is a provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products primarily in the US Flag markets. The company will now operate as a standalone business unit within Saltchuk, making it a member of the latter's family of diversified freight transportation, marine service, and energy distribution companies.

The proposed merger of the two companies was initially announced on May 20, 2024. The expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was announced on June 26.

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