With Eagle Bulk Shipping ("Eagle Bulk") shareholders voting in favour of a merger with Star Bulk Carriers ("Star Bulk"), the deal that will create the largest publicly traded dry bulk shipping company in the United States is nearing completion. Eagle Bulk's shareholders voted in favour of a merger with Star Bulk Carriers ("Star Bulk"), which will create the largest publicly traded dry bulk shipping company in the United States.
In a statement on 5 April, Eagle Bulk said that approximately 65% of the Company's outstanding shares, or 99% of the common shares present at the special meeting, voted in favour of the proposed merger with Star Bulk at the special meeting.
The proposed merger, referred to in the statement, began on 11 December 2023, when Star Bulk and Eagle Bulk said they had entered into a definitive agreement to enter into an all-stock merger on a net asset value (NAV) basis, with an estimated market value of approximately $2.1 billion.
Under the terms of the agreement, Eagle Bulk shareholders will receive 2.6211 shares of Star Bulk common stock for each share of common stock held. This represents a total consideration of approximately $52.60 per share, a 17% premium to Eagle Bulk's 8 December 2023 closing price.
The combined company will operate as Star Bulk Carriers Corp. and will be headquartered in Athens, Greece, with offices in Stamford, Connecticut, Singapore, Copenhagen and Limassol.
The merger of Star Bulk and Eagle Bulk will create the largest publicly traded dry bulk shipping company in the United States, with a fleet of 167 bulk carriers.
According to Star Bulk's latest financial report, as of 12 February this year, the company operated a fleet of 115 vessels with a total capacity of 12.9 million deadweight tonnes, including 17 Newcastlemax, 17 Capesize, 2 Mini Capesize, 7 Post Panamax, 44 Kamsarmax, 2 Panamax, 18 Ultramax and 8 Supramax bulk carriers.
Meanwhile, Eagle Bulk's official website shows that the company's current fleet consists of 52 Supramax/Ultramax vessels, with a total capacity of about 3.162 million dwt.
Eagle Bulk said in its latest statement that the merger of the two companies is expected to be completed around 9 April 2024, subject to the fulfilment of the remaining closing conditions.
https://www.cnss.com.cn/html/hyqy/20240408/352791.html
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