Private interests affiliated with Navios Maritime Holdings chief executive Angeliki Frangou have submitted a public offer to buy out the US-listed logistics company.
The “unsolicited non-binding proposal” by Frangou vehicle N Shipmanagement Acquisition Corp is at $1.84 per common Navios Holding share.
The company stock was trading at $1.81 per share on the New York market opening, giving the firm a market capitalisation of just $41m.
Navios Holdings owns a 63.8% stake in Navios South American Logistics, one of the largest infrastructure and logistics companies in the Hidrovia region of South America.
The firm also holds a 10.3% piece of Navios Maritime Partners, Frangou’s shipowning goliath that is active in bulkers, container ships and tankers.
According to Navios Holdings’ latest annual report, Frangou is the company’s sole major shareholder owning 64% of its common stock.
As of 17 March, the firm also had another 13 small stockholders on record, eight of which were located in the US and held about 96% of shares not owned by Frangou.
Navios Holdings has been largely ignored by equity analysts since selling off its fleet of 36 bulkers to Navios Partners last year.
Navios Holdings last month reported net income of $15.5m for the second quarter on revenue of $81.9m. It reported $948m in assets at the end of June.
In a statement published alongside company results at the time, Frangou expressed her confidence in its business.
“We believe that the global conditions support continued growth in the Hidrovia region. As the world’s requirements evolve, whether for raw materials for green technology, old world requirements for mineral commodities or dynamically changing grain trade patterns, our region will be providing solutions,” Frangou said in the earnings statement.
