A group of insider shareholders intends to take 100% control of LPG carrier owner BW Epic Kosan after succeeding with a take-private offer.
The Oslo-listed shipping company said that by Wednesday night, valid acceptances tendered to Web Holding amounted to 92.52m shares, representing 58% of the company.
Chemical tanker owner Odfjell and major backer BW Group account for 54%.
Added to the stock owned by the Web Holding partners, this means acceptance has reached 96.3%.
This is beyond the 90% at which the partners said they would launch a compulsory buy-out of remaining investors.
The company is being taken private in a takeover deal involving shareholders including J Lauritzen and Nicholas Lykiardopulo.
They formed Web Holding to make an offer valuing BW Epic at $349m.
Shareholders will be 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 can take payment in Web Holding shares instead.
BW Group has opted to roll its 49.8% stake into Web Holding, but Norwegian chemical tanker Odfjell is offloading its 4.4% slice for cash.
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.
Time charter earnings dip
Revenue was $69.2m and $212.2m in the year to date.
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.
