Navios Maritime Holdings has, for the third time, altered its offer to swap preferred shares.
Meanwhile, the lawsuit over the proposed deal is on track for a trial this summer.
Monday, the Angeliki Frangou-led bulker owner announced it had improved the offer by $0.50 for series G and H preferred shares and extended the deadline to take the offer until 15 March.
Now, holders of the series G shares can get either $7.75 in cash or $8.78 in 9.75% notes due 2024. Holders of the series H shares can get either $7.66 in cash or $8.69 in notes. Further, tendering the series H shares no longer constitutes a vote to strip the shares of unpaid, accrued dividends.
The move comes after Navios was sued in January and sweetened the pot twice in February.
In the lawsuit, filed by shareholder Norman Roberts in Manhattan federal court, its alleged Frangou offered to buy shareholders out so she could cut common shareholders a dividend.
The move would, allegedly, be a much-needed windfall for the Greek shipping magnate. Frangou owns nearly a third of all Navios Maritime Holdings shares and reportedly had her bank accounts frozen in connection with a money laundering investigation in Greece.
According to court papers filed last week, Judge Jed Raskoff signed off on a case plan that will see discovery and depositions due in June and a trial set for late July.
It's unclear what Roberts, and other shareholders, think of the recent offers. In his complaint, Roberts said the shares were worth either $6.66 or $6.56 when the unpaid dividends were taken into account. Navios' original offer was much lower.
The January lawsuit was the second such suit brought by Roberts against Frangou and Navios Maritime Holdings.
In 2016, he brought a similar lawsuit over a similar deal. It was abandoned months later after Navios revised its offer and Roberts' motion to recovery attorneys fees was rejected.
In a statement after the initial lawsuit was filed, the company said they were "completely vindicated" in court.
