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Economou gets go-ahead to take DryShips private

DryShips Inc chairman and ceo George Economou will take his company private following an approved ‘plan of merger’ to acquire all of the company’s outstanding shares currently held by outside investors.

SPII Holdings Inc, a company controlled by Economou, will acquire the outstanding shares of Nasdaq-listed DryShips that it does not already own for $5.25 per share in cash, representing a premium of approximately 66% over the company’s $3.16 closing stock price on 12 June 2019, the last trading day before the acquisition announcement.

The $5.25 per share price also reflects an increase of approximately 31% over the purchase price of $4 per share proposed in the initial offer.

The deal price has valued DryShips’ equity at around $456m.

The DryShips board has approved the plan of merger, and the transaction is expected to close in the fourth quarter of this year.

Read more: Little surprise, but caution, as Economou moves to privatise DryShips

Seward & Kissel LLP is acting as legal counsel to DryShips.