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Taylor Maritime makes takeover offer for Grindrod ShippingTaylor Maritime makes takeover offer for Grindrod Shipping

Taylor Maritime Investments has launched a takeover offer for Singapore-based dry bulk shipowner Grindrod Shipping.

Marcus Hand, Editor

August 30, 2022

1 Min Read
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London Stock Exchange-listed Taylor Maritime has launched a $26 per share takeover offer for all of the shares it does not currently own in Nasdaq and Johannesburg-listed Grindrod Shipping.

The offer takes the form a $21 per share cash payment and a $5 per share special cash dividend.

Following the offer the board of Grindrod Shipping said they had entered exclusive discussions with Taylor Maritime, however, definitive terms of the transaction are yet to be agreed between the two parties.

Taylor said it believed the offer gives, "significant value and certainty to Grindrod's shareholders at a time of weakening global economic activity and declining dry bulk rates".

Taylor Maritime currently holds a 26% stake in Grindrod Shipping having agreed to acquire a 22.6% shareholding for $77.9m late last year.

As of September 2021 Grindrod owned a fleet of 24 dry bulk vessels in the handy, supramax and ultramax sectors.

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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