Making Something Out of Nothing – The Battle for Team Shipping

By Nicolai Heidenreich

After one of the shortest takeover battles in history, Arne Blystad and his advisors Nordea Securities announced last week that their offer to buy the entire shareholding from Team Shipping’s two largest shareholders, Mowinckel’s Rederi and Viken Shipping at NOK 97.50 had been accepted and now controlled 75% of the company.

In this quick piece we will give you a little background on Team Shipping to better explain what Vroon Shipping and Arne Blystad fought over and in addition to update you on the current status of the takeover.

Some Deals
are Best Left Undone
In December 1997, shareholders Mowinckel and Viken Shipping controlled by Tom Steckmest together with DnB Markets decided to take the 30-year-old family firm public. DnB Markets was able to put together a guarantee syndicate to cover the NOK 212 million IPO ($30 million in 1997 USD). The shares where sold at NOK 117 but started trading at NOK 100 in the second week of January 1998. Investors have never seen those levels again.

This is only an excerpt of Making Something Out of Nothing – The Battle for Team Shipping

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