The Oslo Stock Exchange is considering protests from minority shareholders in Belships' over its merger with Frode Teigen and his company Lighthouse, according to Norwegian daily Finansavisen.

Teigen has offered to buy 30.2% of Belships for NOK 7 ($0.80) per share and to merge it with Lighthouse. Both companies are involved in the supramax and ultramax segments.

Sverre Jorgen Tidemand controls 67% of the Belships shares, whilst his brother Otto and his daughters, through the company Tidships, have a 10.6% stake.

Earlier this year, Tidships launched a bid for Belships, which turned down the offer in favour of a solution with Teigen.

Tidships claims that Lighthouse is obliged to make an offer for all outstanding shares and has appealed to the stock exchange to support its view.

Oslo Stock Exchange director Geir Harald Aase has said the exchange is now considering the approach from Tidships, both on the issue of equal treatment of shareholders and the issue of offer to all shareholders.

Finansavisen reported that several other Belships shareholders are supporting Tidships' view, including Jomaho, which is the ninth biggest shareholder, but also other shareholders like HKG Holding and AR Fonds.

If Teigen’s plans go ahead, his company Kontrari will be the biggest shareholder in the combined company with a 68.9% stake.

Lighthouse has five ultramaxes and four supramaxes, while Belships owns three ultramaxes, three supramaxes and one supramax on order. The intention is to grow the combined company further.