Overseas Shipholding Group Confirms Receipt of Unsolicited Indication of Interest
29 Janeiro 2024 - 10:00AM
Business Wire
Overseas Shipholding Group, Inc. (the “Company” or “OSG”) (NYSE:
OSG), a leading provider of liquid bulk transportation services in
the energy industry for crude oil and petroleum products primarily
in the U.S. Flag markets, today confirmed that OSG’s Board of
Directors received an unsolicited non-binding indication of
interest from Saltchuk Resources, Inc. (“Saltchuk”) for the
acquisition of all of the outstanding shares of the Company that
Saltchuk does not already own for $6.25 per share in cash.
OSG’s Board of Directors is committed to acting in the best
interests of all stockholders. Consistent with its fiduciary
duties, OSG’s Board of Directors will be carefully considering and
evaluating, in consultation with its financial and legal advisors,
this indication of interest in due course. OSG stockholders do not
need to take any action at this time. OSG cautions its stockholders
and others considering trading in its securities that it has just
received Saltchuk's unsolicited indication of interest, and no
decisions have been made by the Board of Directors with respect to
the Company’s response to the indication of interest. There can be
no assurance that any definitive proposal will be made or accepted,
that any agreement will be executed or that any transaction will be
consummated.
The Company does not intend to comment further on the
unsolicited indication of interest or any related matters until its
Board of Directors has determined that disclosure is necessary or
appropriate.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly
traded company providing liquid bulk transportation services for
crude oil and petroleum products in the U.S. Flag markets. OSG’s
U.S. Flag fleet consists of Suezmax crude oil tankers doing
business in Alaska, conventional and lightering ATBs, shuttle and
conventional MR tankers, and non-Jones Act MR tankers that
participate in the U.S. Tanker Security Program.
OSG is committed to setting high standards of excellence for its
quality, safety and environmental programs. OSG is recognized as
one of the world’s most customer-focused marine transportation
companies and is headquartered in Tampa, FL. More information is
available at www.osg.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. In addition, the Company may make or approve certain
forward-looking statements in future filings with the Securities
and Exchange Commission (“SEC”), in press releases, or in oral or
written presentations by representatives of the Company. All
statements other than statements of historical fact should be
considered forward-looking statements. These matters or statements
may relate to our prospects, supply and demand for vessels in the
markets in which we operate and the impact on market rates and
vessel earnings, the continued stability of our niche businesses,
the impact of our time charter contracts on our future financial
performance, external events including geopolitical conflicts such
as the Russia/Ukraine conflict and recent developments in the
Middle East, and Saltchuk's unsolicited indication of interest and
related matters. Forward-looking statements are based on our
current plans, estimates, projections and events, and are subject
to change based on a number of factors. Accordingly, there are or
will be important factors, many of which are beyond the control of
the Company, that could cause the Company’s actual results or
outcomes, or the timing of certain events, to differ materially
from the expectations expressed or implied in the Company’s
forward-looking statements, including uncertainty associated with
the announcement of Saltchuk's unsolicited indication of interest,
the Board of Directors’ evaluation thereof and related matters.
Undue reliance should not be placed on any forward-looking
statements and, when reviewing any forward-looking statements,
consideration should be given to the risks and factors described in
this press release and those outlined in the Company’s filings with
the SEC. We do not assume any obligation to update or revise any
forward-looking statements except as may be required by applicable
law. Forward-looking statements and written and oral
forward-looking statements attributable to us or our
representatives after the date of this press release are qualified
in their entirety by the cautionary statements contained in this
press release and in the Company’s reports previously or hereafter
filed by us with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240129914606/en/
Investor Relations & Media Contact: Susan Allan,
Overseas Shipholding Group, Inc. (813) 209-0620 sallan@osg.com
Overseas Shipholding (NYSE:OSG)
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