The Oslo Stock Exchange has suspended trading in shares of Gram Car Carriers as Gianluigi Aponte nears a takeover of the company.
The Oslo-based ro-ro lessor’s shares were frozen at NOK 261.50 ($23.73) ahead of the market open on Friday.
It follows the company’s announcement that an MSC Mediterranean Shipping Company subsidiary had launched a compulsory acquisition of its remaining shares.
The NOK 261.50 per share final trading price is still lower than the NOK 263.69 per share that Aponte’s MSC is offering.
The move brings the Italian magnate closer to completing the NOK 7.6bn ($700m) takeover initiated in April.
The move is supported by Gram Car Carriers’ largest shareholders, including F Laeisz, AL Maritime Holding, Glenrinnes Farms and HM Gram Enterprises, which hold more than half the stock.
Aponte and his privately held company MSC intend to run Gram Car Carriers with the same strategy and personnel.
According to the compulsory acquisition filing made on Thursday night, the owners of the remaining 2.19% of shares have until 30 September to register any objections or reject the offer.
The redemption price will be settled on 12 September.
Following the compulsory acquisition, Aponte will delist the company from the exchange.
On Wednesday, Gram Car Carriers’ shares were delisted from the OTCQX exchange based in New York as part of the takeover and take-private process.
