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.
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