The major shareholders of LPG carrier owner BW Epic Kosan have acquired nearly all the stock after closing a take-private offer.
J Lauritzen and Nicholas Lykiardopulo formed a new company, Web Holding, to delist the Singapore-based firm in Oslo.
With the biggest shareholder BW Group transferring its shares to Web Holding and Odfjell selling, acceptances have reached 99.8% of the offer shares.
The group will now launch a compulsory acquisition of the remaining stock.
Chemical tanker owner Odfjell and Andreas Sohmen-Pao-controlled BW Group accounted for 54% of the shareholding.
The offer valued BW Epic at $349m.
Shareholders are being paid NOK 24 ($2.23) per share, a premium of 13.2% to the closing price on 6 October, when the deal was announced.
But investors could choose to take payment in Web Holding shares instead.
BW Epic’s net profit rose to $11.8m in the third quarter, from $9m a year ago, giving earnings so far in 2023 of $35.2m.
Revenue was $69.2m and $212.2m in the year to date.
Plenty of cash available
The owner managed daily time charter equivalent earnings of $13,068, slightly down from the second three months but up from $11,600 last year.
BW Epic has cash of $89m available.
Danish bulker player and investor J Lauritzen and Greek shipowner Lykiardopulo have made available NOK 353.3m as a shareholder loan to fund the take-private deal.
BW Epic controls 62 gas ships, with a market capitalisation of NOK 3.38bn.
