DHT Holdings (DHT) Gets Non-binding Bid from Frontline (FRO), Adopts ‘Poison Pill’ Measures
DHT Holdings, Inc. (NYSE:DHT) said Sunday that it has received an all-stock acquisition proposal from oil tanker company Frontline Ltd. (NYSE:FRO). According to DHT, the non-binding stock-for-stock transaction offer values its shares at $5.09 each, based on Frontline stock’s closing price on Friday of $7.02
DHT added that it will evaluate the proposal and has adopted a shareholder rights plan (commonly known as a poison pill) with a one-year term in response to Frontline’s acquisition – disclosed in the proposal letter – of over 15 million shares (an about 16% stake) of the company.
DHT stock finished in negative territory by 2.95% (or -$0.13) at $4.27 with a total volume of 1.38M shares traded on Friday.
DHT Holdings, which owns and operates a fleet of crude oil tankers, has 93.37M shares outstanding, market capitalization (intraday) of $398.67M and DHT stock 52-week range is from $3.29 to $6.48 per share.
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