DryShips (DRYS) approached by SPII Holdings

  • June 14, 2019

POTENTIAL DEAL DETAILS

Stock DryShips Inc. Symbol DRYS
Date Announced 06/13/2019 Source Press release
Type Unsolicited Bid Acquiring Company/Person SPII Holdings Inc.
Date of Confirmation: 08/19/2019 Price at Confirmation: $5.16
Potential Profit: 32.99% Annualized Profit: 179.72%

DryShips Inc. (DRYS), a diversified owner and operator of ocean-going cargo vessels, today announced it has received a non-binding offer letter from SPII Holdings Inc., a company controlled by our Chairman and Chief Executive Officer, Mr. George Economou, which proposes a transaction pursuant to which the Company would be merged into a subsidiary of SPII Holdings. The board of directors of the Company has formed a special committee consisting solely of disinterested directors to consider the proposal.

Update(s):

August 19, 2019: DryShips Inc. (DRYS) today announced that it had entered into an Agreement and Plan of Merger with SPII Holdings Inc., a company controlled by the Company’s Chairman and Chief Executive Officer, George Economou, under which SPII will acquire the outstanding shares of the Company that it does not already own for $5.25 per share in cash, without interest.

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