BW LPG has increased its offer to 2.12 BW LPG shares to one Dorian LPG share that it offered previously in an unsolicited offer. The revised offer represents a value of $8.76 per share compared to $7.86 per share under the previous offer.
The initial offer was rejected by Dorian LPG's board of directors as undervaluing the company without putting the deal to shareholders.
“By increasing our offer at this time, we are reaffirming BW LPG’s belief that this transaction will deliver significant value to both companies’ stakeholders and that the time to act is now,” said Martin Ackermann ceo of BW LPG.
“It is evident from our discussions with Dorian shareholders that there is strong support for the companies to engage immediately regarding our proposed combination and capitalize on this compelling opportunity.”
BW LPG, which owns 14.2% of Dorian LPG said it remains open to dialogue with the company but would also nominate independent directors at its annual general meeting.
The revised takeover offer for Dorian LPG follows an announcement earlier on Monday by BW Group that it was acquiring a 36.3% stake in product tanker owner Hafnia Tankers bringing its shareholding to 43.5%.