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BW LPG increases takeover offer for Dorian LPGBW LPG increases takeover offer for Dorian LPG

In a busy day for Andreas Sohmen-Pao's BW Group its listed subsidiary BW LPG has increased its all share takeover offer for Dorian LPG.

Marcus Hand, Editor

July 9, 2018

1 Min Read
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BW LPG has increased its offer to 2.12 BW LPG shares to one Dorian LPG share that it offered previously in an unsolicited offer. The revised offer represents a value of $8.76 per share compared to $7.86 per share under the previous offer.

The initial offer was rejected by Dorian LPG's board of directors as undervaluing the company without putting the deal to shareholders.

“By increasing our offer at this time, we are reaffirming BW LPG’s belief that this transaction will deliver significant value to both companies’ stakeholders and that the time to act is now,” said Martin Ackermann ceo of BW LPG.

“It is evident from our discussions with Dorian shareholders that there is strong support for the companies to engage immediately regarding our proposed combination and capitalize on this compelling opportunity.”

BW LPG, which owns 14.2% of Dorian LPG said it remains open to dialogue with the company but would also nominate independent directors at its annual general meeting.

The revised takeover offer for Dorian LPG follows an announcement earlier on Monday by BW Group that it was acquiring a 36.3% stake in product tanker owner Hafnia Tankers bringing its shareholding to 43.5%.

Read more: BW acquires 36.3% stake in Hafnia Tankers taking shareholding to 43.5%

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BW LPG

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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