The case is updated.
It is the subsidiary of the Mediterranean Shipping Company, SAS Shipping Agencies Services, which submits the bid.
The price corresponds to NOK 263.69 per stock. Including the quarterly dividend for the first quarter of NOK 9, the shareholders receive proceeds of NOK 272.69 per share, which is around 28 per cent above the closing price on Tuesday.
The Gram Car Carriers board has unanimously decided to recommend the offer to the shareholders, following an assessment by ABG Sundal Collier which concludes that the price is fair.
Shareholders, including the board and management of the company, who own approximately 55.85 percent of the shares, have committed to accept the offer. Furthermore, the largest shareholders, F. Laeisz GmbH, AL Maritime Holding, Glenrinnes Farms, HM Gram Investment III and HM Gram Enterprises, who together own 54.54 percent of the shares, have also given promises to accept the offer.
– Today’s voluntary offer from one of the world’s leading maritime groups is recognition of the unique position GCC has built as a leading supplier in car shipping. The board is satisfied that the offer represents a fair valuation of GCC, as is also reflected in the recommendation to the shareholders to accept the offer, comments chairman Ivar Myklebust.
The Mediterranean Shipping Company was founded in 1970 by the Italian Gianluigi Aponte, who, according to Forbes, is worth 33.4 billion dollars. His intention is to continue operations in Gram Car Carriers in the same manner under the same name.
