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Liberty Makes Move on ISH
On Monday, after accumulating 5.5% of the outstanding shares of International Shipholding Corporation (“ISH”), Projection LLC, a wholly owned subsidiary of Liberty Shipping Group LLC (“Liberty”) submitted its formal proposal to acquire all the shares of ISH at a purchase price of $25.75 per share, payable in cash, which represents a total enterprise value of $308 million. The price represents a 27% premium over the company’s closing stock price on August 29th of $20.25 per share. After the announcement the stock traded up to $24.31and closed at $23.73 up 17.19%. The offer was based solely upon public information and Liberty
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Tags: · Central Gulf Lines, Central Gulf Steamship Corporation, CG Railway, Daewoo, Dry Bulk Cape Holdings, Enterprise Ship Company, Gibson Dunn & Crutcher LLP, International Shipholding Corporation, Jefferies & Company, LCI Shipholdings, Military Sealift Command, Niels M. Johnson, Philip Shapiro, Projection LLC, Waterman Steamship
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