London-listed Taylor Maritime Investments (TMI) is seeking to totally take over Singapore-based Grindrod Transport.
The Ed Buttery-led bulker proprietor has submitted a non-binding supply of $26 per share within the Nasdaq and Johannesburg-listed rival that will create a big proprietor of handysize as much as ultramax ships.
The proposed transaction is structured as a voluntary basic supply consisting of a money buy worth of $21 per share to be paid by TMI for every share tendered along with a particular money dividend from Grindrod of $5 per share to its present shareholders.
Grindrod Transport owns and operates a diversified fleet of owned and long-term and short-term chartered-in drybulk vessels. The drybulk enterprise, which operates underneath the model Island View Transport (IVS), features a core fleet of 15 handysize and 16 supramax/ultramax vessels.
Taylor Maritime, which already holds round 4.93m shares in Grindrod, akin to a 26% stake, presently has 27 vessels in its portfolio within the handysize and supramax phase.
“The corporate has entered into unique discussions with TMI relating to the proposed transaction,” Grindrod confirmed. Nonetheless, it famous that definitive phrases haven’t been agreed upon between the events.
Jefferies is serving as monetary advisor to Grindrod, whereas TMI is being suggested by Evercore and Rand Service provider Financial institution, a division of FirstRand Financial institution.