Rewarding Shareholders – Seaspan’s Tender Offer

Today, Seaspan Corporation announced the preliminary results of its tender offer which expired yesterday, for the purchase of up to 10 million of its Class A common shares at $15/share. Not surprisingly, given the premium offered, the offer was a huge success with 21.3 million shares tendered. Based upon the terms of the offer, which gives Seaspan the right to increase the number of shares purchased by 2%, the company expects to purchase 11.3 million shares for a cash outlay of $169.5 million.

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