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MSC Subsidiary Launches $700 Million Takeover of Gram Car Carriers

Mike Schuler
Total Views: 1109
April 24, 2024

SAS Shipping Agencies Services, a wholly-owned subsidiary of the world’s largest container shipping line, MSC Mediterranean Shipping Company, plans to acquire all shares of Norway-based pure car and truck carrier tonnage provider Gram Car Carriers (GCC) in a deal valued at around USD $700 million.

SAS has agreed to launch a voluntary cash tender offer to acquire all shares of GCC for a total equity purchase price of approximately NOK 7.643 billion (USD $700 million), with a cash consideration of NOK 263.69 per share.

GCC will distribute a dividend of NOK 9.00 per share for the first quarter of 2024, bringing the total cash proceeds to shareholders to NOK 272.69 per share, assuming they sell their shares in the offer.

The figure represents a premium of 28.3% over the closing trading price of GCC shares as of April 23, 2024.

GCC’s board of directors has unanimously recommended that shareholders accept the offer based on an independent third party review that has concluded the offer is fair and in the best interests of the company, its shareholders and its employees.

Approximately 55.85% of the company’s shareholders, including board members and executive management, have committed to accept an offer. The company’s largest shareholders, holding around 54.54% of the shares, have also irrevocably agreed to the offer.

SAS intends to maintain its operations under the same name and structure, ensuring uninterrupted, high-quality service to its customers.

Ivar Myklebust, Chair of the GCC board, lauded the company’s 40-year history and successful execution of long-term strategy since its listing on Euronext in Oslo in 2022.

“Today’s voluntary offer by one of the world’s leading maritime groups, is a validation of the unique position GCC has built as a leading car shipping tonnage provider and the long-term commitment put in by the entire team. The board is satisfied that the offer represents a fair valuation of GCC, as is also reflected in the recommendation to shareholders to accept the offer,” said Myklebust.

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