Marshall Islands court dismisses Frontline suit against DHT

Drawing a line under Frontline’s attempts to take over rival DHT Holdings a Marshall Islands court has dismissed a lawsuit against DHT and BW Group.

DHT said that in ruling on the Frontline suit, “the High Court of the Republic of the Marshall Islands, which challenged DHT's transaction with BW Group and DHT's Rights Plan, has been dismissed, with prejudice”.

DHT said that the ruling now precluded Frontline from bringing similar claims against DHT, its directors and BW Group in any other court.

The lawsuit followed a similar move by Frontline in April to block the DHT – BW deal in the New York courts, which also failed.

We are very pleased with the dismissal," said Erik Lind, chairman of DHT's board of directors.  "We have consistently stated, both in court and to our shareholders, that Frontline's claims are without merit.  Two courts have now agreed with us, and we welcome the dismissal as an appropriate end to the matter."

John Fredriksen’s Frontline’s multiple attempts since January to takeover DHT in an all share offer had been rebuffed by the tanker company’s management. In the meantime DHT did a deal with BW to takeover its VLCC with the Singapore-owner taking a 33.5% stake in DHT.

Posted 19 June 2017

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

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