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GC Rieber has proposed a merger with GC Rieber Shipping |
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Tuesday, 02 March 2010 |
 GC Rieber Shipping AS (RISH) has received a letter dated 26 February 2010 from GC Rieber AS with a proposal to merge the two companies. GC Rieber AS is RISH's largest shareholder owning 52.74 % of the shares outstanding.
The proposal is for a merger with consideration in GC Rieber AS shares.
However, no exchange ratio has bee proposed as of yet. The proposal
includes an opportunity for RISH shareholders who do not want shares in
GC Rieber AS as consideration to opt for cash consideration of NOK 31
per RISH share, limited to a maximum cash consideration of 20 % of the
total merger consideration.
The Board of Directors of RISH has retained Carnegie ASA as financial
advisor and Wikborg Rein as legal advisor to assist the Board of
Directors in their evaluation of the proposal and assessment of
possible merger negotiations. In these deliberations, RISH's interests
will be key, including the minorities' position with regards to
consideration and price/exchange ratio.
Source: GC Rieber AS
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