On 24 April 2024 it was announced that SAS Shipping Agencies Services Sàrl, a wholly-owned subsidiary of MSC Mediterranean Shipping Company SA, and Gram Car Carriers ASA had entered into a transaction agreement for the launch by SAS of a recommended voluntary cash tender offer to acquire all issued and outstanding shares of the Company.
As explained, the acceptance period for the Offer commenced on 27 May 2024, following publication of the Offer Document and will remain open for no less than 20 business days, to and including 26 June 2024.
The purchase price for Gram Car Carriers, which claims to be the third largest provider of tonnage with a modern car carrier fleet, is set at $25.12 per share, totaling $728 million. This represents a 17.5 percent premium over the company’s highest share price since its IPO in 2022.
MSC explains that it aims to leverage its extensive network to expand. The vehicle transport market offers business aspects that MSC is well-acquainted with, presenting an opportunity for MSC to grow its presence in this sector and diversify its operations. MSC notes that it currently operates two car carriers with a 6,700-unit capacity and also transports cars in containers on its containerships.
Alternatively, if the Offeror owns more than one third, but less than 90% of the Shares following completion of the Offer (such situation requiring a waiver of the minimum acceptance condition to be resolved by the Offeror in its sole discretion), the Offeror will be required to make a mandatory offer for the remaining Shares in accordance with chapter 6 of the Norwegian Securities Trading Act.
