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International Cooperation Department
Tel.: (+86-21) 65853850-8034
Fax: (+86-21) 65373125
E-mail: ICDept@sisi-smu.org
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International Shipping |
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| The merger is complete, and here comes the largest dry bulk shipowner in the U.S. |
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Date:2024-04-09 Readers:
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Eagle Bulk shareholders have voted to approve its proposed merger with Star Bulk, making the merger announced by the two companies in December last year a reality.
The merger of Star Bulk and Eagle Bulk will be renamed Star Bulk Carriers Corp. and will make the company the largest dry bulk shipping company in the US.
The merger of the two companies is expected to be completed on or about 9 April 2024, the announcement said.
At the special meeting, approximately 65 per cent of the outstanding Eagle Bulk stockholders present voted in favour of the proposed merger (approximately 99 per cent of the common stock present at the special meeting), and approximately 96 per cent voted in favour of the proposed issuance of shares of convertible notes.
As previously reported, Gary Vogel, CEO of Eagle Bulk, will step down as a result of the merger of the two companies, and Petros Pappas, CEO of Star Bulk, will continue to serve as CEO of the new company. After announcing the merger, Petros Pappas said, "In the future, we do not rule out the possibility of continuing to merge with companies that manage larger vessels."
The new company will have a fleet of 169 vessels, according to information, and the merger of Eagle Bulk and Star Bulk is a $2.1 billion equity-only transaction.
https://www.cnss.com.cn/html/hyqy/20240409/352807.html
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