A takeover of Gener8 Maritime by John Fredriksen's Frontline appears to be dead, a source close to the target's camp confirms.
The breakdown was first reported by the Wall Street Journal, which also was first to report the Norweigan company's renewed interest in the wake of its failure to acquire DHT Holdings.
In each case, Frontline tried to acquire a company trading near trough-market valuations and the push made little sense to the target.
TradeWinds understands that Frontline and Gener8 were even further apart on the company's value than in the case of DHT.
Chief executive Robert Hvide Macleod told analysts last May "we think it's a good time in the cycle to grow, and we're looking at opportunities."