Frontline (FRO) has approached DHT Holdings (DHT) with a non-binding proposal for a possible business combination where Frontline would acquire all outstanding shares of common stock of DHT in a stock-for-stock transaction at a ratio of 0.725 Frontline shares for each DHT share.
April 20, 2017: A U.S. court has rejected a last-minute effort by billionaire investor John Fredriksen’s Frontline to prevent BW Group from acquiring a major stake in rival oil tanker firm DHT Holdings, DHT said on Thursday.
April 26, 2017: Frontline (FRO) has approached the Board of Directors of DHT Holdings (DHT) to consider a proposed new business combination, which includes the ships already delivered and yet to be delivered by BW Group to DHT under the Vessel Acquisition Agreement entered into by DHT and BW on March 23, 2017. The offer would be effected at an exchange ratio of 0.8 Frontline shares for each DHT common share.
June 26, 2017: Oslo-listed oil tanker firm Frontline (FRO) is no longer pursuing an acquisition of DHT Holdings (DHT) and is not working on any other acquisitions either, Frontline’s CEO told Reuters on Monday.