Saltchuk Resources has announced that it has acquired all of the outstanding shares of common stock of Overseas Shipholding Group, Inc. not already owned by Saltchuk for a purchase price of $8.50 per share in cash, an enterprise value of approximately $950 million.
OSG joins Saltchuk as its seventh business unit, adding energy shipping to its lines of business which include domestic shipping, international shipping, logistics, marine services, energy distribution, and air cargo. The proposed transaction was announced May 20, 2024 and the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was announced on June 26th.
The transaction with Saltchuk marks a significant development in the long history of OSG and we are very pleased that it has been successfully completed. Leadership at both of our companies sees the value of having our business lie within the Saltchuk family of companies, an organization committed to sustaining the important role of the domestic maritime industry within the USA. The entire team at OSG looks forward to our future together.
… said Sam Norton, OSG’s President and Chief Executive Officer
Computershare Inc. and Computershare Trust Company, N.A., acting as joint depositary and paying agent for the tender, have advised that, as of the expiration of the tender offer, approximately 47,770,076 shares of OSG common stock were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 66% of the issued and outstanding shares of OSG common stock, which percentage does not include Saltchuk’s holdings.
As a result of the completion of the transaction, prior to the opening of trading on the New York Stock Exchange on July 10, 2024, all shares of OSG common stock will cease trading, and the OSG shares will subsequently be delisted from NYSE and deregistered under the Securities Exchange Act of 1934, as amended.
The transaction closed, and OSG is now a wholly-owned subsidiary of Saltchuk.
