HNA Group affiliate Sinindo has made a NOK8.00 per share bid for Oslo-listed ship investment company SinOceanic after it increased its stake in the company to 53%.
Acting as an independent financial advisor to the board of directors of SinOceanic Pareto Securities said the offer did “not reflect the current underlying values of the company and therefore not a fair value to shareholders”.
The board of SinOceanic agreed the offer did not represent fair value, although did not see it as hostile. They also noted the risk that SinOceanic vessels could become subject to claims of arrest by creditors of HNA’s Grand China Logistics.
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