Saltchuk Completes Acquisition of Overseas Shipholding Group for $950 Million

Saltchuk Resources, Inc. has successfully completed its tender offer to acquire all outstanding shares of Overseas Shipholding Group, Inc. (NYSE: OSG) for $8.50 per share in cash, valuing the transaction at approximately $950 million.

The acquisition was finalized Wednesday morning, making OSG a wholly owned subsidiary of Saltchuk. Its common stock has now been formally delisted and deregistered from the New York Stock Exchange.

OSG, a provider of liquid bulk transportation services for crude oil and petroleum products within the U.S.-flag market, will operate as a standalone business unit under Saltchuk.

“With OSG, Saltchuk now numbers more than 8,500 people who share one thing in common: every day we strive to safely, responsibly, and reliably perform our services,” said Saltchuk Chairman Mark Tabbutt. “As with our other businesses, OSG will remain standalone and independently managed. We look forward to working alongside the OSG team as we move forward together.”

OSG becomes Saltchuk’s seventh business unit, adding energy shipping to its diversified portfolio, which includes domestic and international shipping, logistics, marine services, energy distribution, and air cargo.

“The transaction with Saltchuk marks a significant development in the long history of OSG and we are very pleased that it has been successfully completed,” said Sam Norton, OSG’s President and CEO. “Leadership at both of our companies sees the value of having our business lie within the Saltchuk family of companies, an organization committed to sustaining the important role of the domestic maritime industry within the USA. The entire team at OSG looks forward to our future together.”

OSG announced its transition to a private company on May 20, 2024. After the Hart-Scott-Rodino waiting period expired on June 26th, approximately 66% of OSG common stock shares were tendered and not withdrawn, excluding Saltchuk’s holdings.

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