GCC’s Viking Queen is a Panamax PCTC (source: Gram Car Carriers)
MSC’s cash offer is for a full takeover of all shares, at a premium of more than 28%, according to Gram Car Carriers (GCC)
Gram Car Carriers said its board of directors will unanimously recommend its shareholders accept the MSC offer.
If the offer is accepted, it is MSC’s intention that GCC continue operations, uninterrupted and under the same name and organisational structure, according to GCC. The GCC board said it had received a fairness opinion concluding the offer price is fair, from a financial point of view.
Members of the board and GCC’s executive management collectively own approximately 55.85% of the company’s issued and outstanding share capital. The company’s largest shareholders, F Laeisz, AL Maritime Holding, Glenrinnes Farms Ltd, HM Gram Investment III Ltd and HM Gram Enterprises Ltd, which in aggregate hold approximately 54.54% of the shares (excluding treasury shares owned by the company), have given “irrevocable” approval to accept the offer, according to GCC.
The Oslo Stock Exchange will review the offer under Norway’s securities trading act. Once approved by regulators, the offer will be sent to GCC’s remaining shareholders. GCC said the offer acceptance period will begin no later than 31 May 2024 and the offer is expected to be completed Q4 2024.
The company’s shareholders will be offered Nkr263.69 (US$24.00) per share in cash. The total value of the offer is approximately Nkr7.64Bn (US$690M), based on the number of issued and outstanding shares.
“The offer price plus the Q1 dividend will result in a total share proceeds to shareholders receiving such dividend and selling shares in the offer of Nkr272.69 (US$25.00) per share,” the company said.
“Since the listing on Euronext in Oslo in 2022, the company has successfully executed the long-term strategy by delivering safe and efficient operations for customers worldwide, rechartering the fleet in a historically strong market and completed accretive vessel transactions. This is reflected in significant value creation through increased cash generation, material share price appreciation and attractive quarterly dividend distributions. 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,” Gram Car Carriers board chairman Ivar Myklebust said.
Gram Car Carriers fleet list shows 18 owned and four managed vessels.
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