Stena Sessan AB is offering to acquire all class B shares in Sweden-based Concordia Maritime for SEK 9.80 in cash per share. The offer values all shares in Concordia Maritime at approximately SEK 468 million.
The company has over the past year evaluated a number of projects and business opportunities in order to develop the company within the maritime sector, including offshore wind, dry cargo and product tanker shipping.
However, Concordia as Shipping Telegraph reported earlier this year, sealed deals to sell its product tankers Stena Progress, 2009-built with 65,200 dwt, and the 2011-built ship Stena Premium having the same deadweight of 65,200 dwt.
Its current fleet consists of one vessel, the product tanker Stena Polaris, which was built in 2010 and has a deadweight of 62,500 tons.
“Since many segments in shipping are historically highly valued, it has been difficult to find the right realization plan,” the Independent Bid Committee of Concordia Maritime, which consists of chairperson Ulrika Laurin and Mats Jansson, said in its statement.
It is added that if the offer is completed, will enable Concordia Maritime’s shareholders to realize the value of their share investment in cash at a significant premium to the prices at which Concordia Maritime’s shares have been trading prior to the announcement of the offer.
The acceptance period in the offer is expected to commence on December 14 and end on 11 January 2024.
Stena Sessan states in its release regarding the offer that, “its current intention is to keep Concordia Maritime’s operations intact, without any material changes with regard to Concordia Maritime’s employees and management or to Concordia Maritime’s existing organization and operations, including the terms of employment and locations of the operations, other than such changes which have already been resolved upon by Concordia Maritime.”
The Committee has appointed Fearnley as the financial advisor and Setterwalls Advokatbyrå AB as the legal advisor in connection with the offer.
