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Article: MC Shipping Inc. to be Acquired by Bear Stearns Merchant Banking.
- Article from:
- Business Wire
- Article date:
- July 30, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- MC Shipping Inc. (AMEX:MCX) and Bear Stearns Merchant Banking ("BSMB") announced today the signing of a merger agreement providing for the Company to be acquired by a newly-formed entity controlled by BSMB. Under the terms of the merger agreement, MC Shipping shareholders will receive $14.25 per share in cash, representing a total transaction value (including assumed debt and giving effect to the announced acquisition of three vessels from the Komaya Group) of approximately $284 million, in exchange for their MC Shipping shares. The price of $14.25 represents a premium of 19.6% over the closing price of the Company's common stock on July 27, 2007, 21.6% over ...