In the latest statement in the ongoing takeover battle Dorian LPG rejected claims that it had been unresponsive to the all share takeover offer by BW LPG.
“It is disingenuous for BW to characterize Dorian as nonresponsive, and to completely mislead shareholders by failing to discuss the facts of the situation,” Dorian said in a statement on Tuesday.
The company said its board and management team was singularly focused maximising returns for Dorian shareholders.
“It is in this spirit that Dorian has met multiple times with BW’s leadership team, including an in-person meeting with the entire Dorian board and BW. We also requested information regarding BW’s net asset values since July — we did not make providing that info a condition to these meetings — and BW only provided this information just a few days ago.”
Dorian said it was in the process of scheduling a meeting with BW to discuss the information.
BW owns a 14.2% in Dorian LPG and in late May offered all share takeover of 2.05 shares in BW LPG for each Dorian share. The offer was rejected by Dorian's board as undervaluing the company.
In July BW LPG has increased its offer to 2.12 BW LPG shares to one Dorian LPG share. BW LPG has pushed Dorian to put the offer to its shareholders.
Following the improved offer Seacor, a founding Dorian shareholder which still owns just under 10% of the company, backed the offer in an open letter from Seacor chairman Charles Fabrikant.