The Markets Knock the Wind Out of the Sails – DHT’s Acquisition of Saga a Clear Victim

On August 5th, DHT Holdings Inc. announced the withdrawal of its offer to acquire Saga Tankers ASA. With the consideration based upon an exchange of 0.25 shares of DHT for each share of Saga, the latter’s interest certainly waned as shipping shares declined at an even faster rate than the market in general. In fact, despite a number of extensions of the offering period, DHT had only received acceptances from approximately 84% of the shareholders below the 95% acceptance threshold.

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