SAS Shipping Agencies Services Sàrl (SAS Shipping) is progressing towards acquiring Gram Car Carriers ASA (GCC) with a voluntary cash offer of NOK 263.69 per share.
As of the latest update, SAS Shipping has received acceptances for 27,119,468 shares, approximately 93.56% of GCC’s issued share capital and voting rights (excluding 300,000 shares owned by GCC). This surpasses the “Minimum acceptance” threshold necessary for the offer to proceed.
Completion of the offer now depends on meeting other customary conditions outlined in the offer document. Regulatory approvals have been secured from authorities in Ukraine and Portugal, and SAS Shipping is optimistic about obtaining approval from the Japan Fair Trade Commission as per the scheduled timeline.
Given the satisfaction of the minimum acceptance condition, no further updates on acceptance levels will be provided before the offer period ends on July 1, 2024.