DHT said its board of directors had unaminously rejected Frontline’s revised offer of 0.8 Frontline shares for each DHT share describing it as “wholly inadequate and not in the best interests of DHT and shareholders”.
“The board notes, in particular, that Frontline's revised proposal continues to significantly undervalue the contribution that DHT's business and fleet would make to a combined company, including with respect to net asset value and profit contribution,” it said.
Frontline had previously offered 0.725 Frontline shares per each DHT share.
While Frontline ceo Robert Hvide Macleod said DHT had declined repeated attempts to discuss “a business combination” DHT said the Norwegian firm had turned down and offer to meet its top management after it rejected the second takeover proposal.
“The DHT board informed Frontline of its decision on Sunday, 26 February and, in its response letter, offered to have DHT's co-ceos meet with Frontline over the coming days. Frontline turned down offers to meet on either Tuesday, February 28 or Wednesday, 1 March,” DHT stated.
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