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‘Peer’ behind Aurora LPG hostile takeover bid

‘Peer’ behind Aurora LPG hostile takeover bid
One of Aurora LPG's peers attempted a hostile takeover last week by approaching key shareholders and making offers for their stakes in the company.

The Norwegian OTC-listed LPG tanker owner stated that it had not been approached by the buyer, nor by the Norwegian investment bank acting as the buyer's agent. The company does not believe any shareholders took up the purchase offer.

While the name of the bank and buyer were not revealed, Fearnley's was removed from Aurora's listing plans and a new consortium for the IPO will be announced.

Aurora LPG completed a private placement worth around $46m in June, with the proceeds used for financing the recently-acquired Aurora Capricorn.

The owner has a fleet of three VLGCs on the water, with four newbuilds on order at Hyundai Heavy Industries, with options two plus two at $76m each.

TAGS: Tankers VLGC