Saltchuk Welcomes Overseas Shipholding Group to Its Family of Companies
July 10 2024 - 7:30AM
Business Wire
Saltchuk Resources, Inc. (“Saltchuk”) today announced that it
has successfully completed its previously announced tender offer to
acquire all of the outstanding shares of common stock of Overseas
Shipholding Group, Inc. (NYSE: OSG) not already owned by Saltchuk
for a purchase price of $8.50 per share in cash, an enterprise
value of approximately $950 million. The transaction closed this
morning, and OSG is now a wholly owned subsidiary of Saltchuk.
“With OSG, Saltchuk now numbers more than 8,500 people who share
one thing in common: every day we strive to safely, responsibly,
and reliably perform our services,” Saltchuk Chairman Mark Tabbutt
stated. “As with our other businesses, OSG will remain standalone
and independently managed. We look forward to working alongside the
OSG team as we move forward together.”
OSG joins Saltchuk as its seventh business unit, adding energy
shipping to its diversified lines of business which include
domestic shipping, international shipping, logistics, marine
services, energy distribution, and air cargo.
Sam Norton, OSG’s President and Chief Executive Officer
remarked, “The transaction with Saltchuk marks a significant
development in the long history of OSG and we are very pleased that
it has been successfully completed. Leadership at both of our
companies sees the value of having our business lie within the
Saltchuk family of companies, an organization committed to
sustaining the important role of the domestic maritime industry
within the USA. The entire team at OSG looks forward to our future
together.”
The proposed transaction was announced May 20, 2024 and the
expiration of the required waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 was announced
on June 26th.
Computershare Inc. and Computershare Trust Company, N.A., acting
as joint depositary and paying agent for the tender, have advised
that, as of the expiration of the tender offer, approximately
47,770,076 shares of OSG common stock were validly tendered and not
validly withdrawn pursuant to the tender offer, representing
approximately 66% of the issued and outstanding shares of OSG
common stock, which percentage does not include Saltchuk’s
holdings.
As a result of the completion of the transaction, prior to the
opening of trading on the New York Stock Exchange on July 10, 2024,
all shares of OSG common stock will cease trading, and the OSG
shares will subsequently be delisted from NYSE and deregistered
under the Securities Exchange Act of 1934, as amended.
About Saltchuk Resources, Inc.
Saltchuk is a privately owned family of diversified freight
transportation, marine service, and energy distribution companies,
with consolidated annual revenue of approximately $5.5 billion and
8,500 employees. We believe in – and champion – the inherent value
of our companies’ individual brands. The Corporate Home provides
leadership and resources to our companies but not direct management
of their operations. Saltchuk is a values-driven organization. We
put safety first. We are reliable – we take care of our customers
and conduct business with honesty and integrity. We are committed
to each other, to protecting our environment, and to contributing
to our communities in a work environment where anyone would be
proud for their children to work. Additional information about
Saltchuk, which is headquartered in Seattle, is available at
www.saltchuk.com.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (“OSG”) provides liquid bulk
transportation services for crude oil and petroleum products in the
U.S. Flag markets. OSG’s 21 vessel U.S. Flag fleet consists of
Suezmax crude oil tankers, conventional and lightering ATBs,
shuttle and conventional MR tankers, and non-Jones Act MR tankers
that participate in the U.S. Tanker Security Program.
OSG is committed to setting high standards of excellence for its
quality, safety and environmental programs. OSG is recognized as
one of the world’s most customer-focused marine transportation
companies and is headquartered in Tampa, FL. More information is
available at www.osg.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240710780735/en/
Susan Allan sallan@osg.com
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