Solvang shareholders received an official offer from an investor group headed by chairman Michael Steensland, who is looking to take over the remaining fifth of the company.
Unity Invest, a subsidiary of Steensland's Clipper, said it is launching a voluntary tender offer for all the shares in Solvang not already owned by Unity and its buyout partners at a price of NOK 30 ($3.65) per share.
The Unity Invest group controls roughly 81% of the VLGC owner through a tender offer. Steensland was joined by Audley, Barque, Corneliussen Invest, Steensland Brun, Menne Steensland and Melanie Tone Steensland Gotteberg.
Steensland is required to make a mandatory offer for the remaining shares in Solvang as a result of bringing his stake above 64% in the company.
The Solvang board said earlier this year that a previous offer from Clipper at NOK 25.50 undervalued the company by 19%.
A Pareto Securities fairness opinion backed a NOK 31.40 per share valuation on Solvang, based on steel prices, existing contracts, management business and balance sheet. Its last market quote was at NOK 31.50 per share.
