Funds managed by FourWorld Capital Management filed a complaint in the United States District Court for the Southern District of New York in connection with CMB’s U.S. offer to purchase all outstanding ordinary shares of Euronav from U.S. holders.

FourWorld Capital Management challenges CMB’s U.S. takeover bid for the shares of the company in the U.S. District Court, alleging false and misleading practices.

The Compagnie Maritime Belge (CMB) said that FourWorld, an investment adviser firm, has increased its stake in Euronav from just under 1% to 2.41% since Euronav acquired CMB.TECH. Namely, FourWorld bought at least 3,133,334 shares for a total price of at least $55.8m.

The complaint alleges, among other things, that CMB disseminated materially false and misleading offering materials relating to the U.S. offer. The complaint seeks, among other relief, an injunction restraining CMB from completing the U.S. offer on the basis of such offering materials and an award of damages in an unspecified amount.

The CMB firm said that it “believes that the suit is without merit and intends to vigorously defend against the suit.”

“The transactions entered into between Euronav and Frontline plc in connection with Euronav’s sale of 24 vessels to Frontline and the termination of the arbitration that Euronav previously commenced against Frontline, and CMB’s sale of CMB.TECH NV to Euronav, were on arms’ length terms and conditions and that the sale prices were fair to Euronav and its shareholders,” the company explained.

CMB noted that these transactions were approved by the independent members of Euronav’s supervisory board and supported by an overwhelming majority of shareholders months ago, after FourWorld’s representative had the opportunity to raise the same objections at Euronav’s recent shareholder meetings at which Euronav’s supervisory board provided detailed responses.