NOCC knocks JP Morgan, Klaveness takeover bid

Car Carriers Investment, jointly-owned by Klaveness Marine Holding and JP Morgan Global Maritime Investment Fund subsidiaries, has offered a price per NOCC share of NOK2.17 ($0.35).

The offer price values the company at NOK526m, a 28% premium over 17 January's closing price for the share capital.

Klaveness Ship Investments has agreed to sell its 29.8% share in the company, along with holders of 11.15% of NOCC's outstanding shares. Despite the 40.99% backing for the deal and allowing the offerer to do their due diligence, not one of NOCC's board members has pre-accepted the bid.

"The board will closely review the offer document as soon as this has been published and prepare and publish a statement on the offer," NOCC said in a statement. "The board has engaged ABG Sundal Collier Norge as its financial advisor in connection with the offer."

NOCC's chairman Carl Petter Finne and board member Kristine Klaveness are considered closely associated with Car Carriers Investment, and so will be absent from the appraisal of the deal.

If the Oslo Stock Exchange green lights the deal, which it is expected to on 23 January, there will be a two week acceptance period for the offer.

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