Singapore's BW Group has convinced holders of just 0.07% of Epic Gas shares to sell out after its takeover offer two weeks ago.
A total of 51,972 shares have been tendered at $1.60 each. The stock is worth $1.66 currently.
When adding previously received acceptances, BW has won just 87,870 shares, or 0.12%, to combine with the 54.7% stake it bought for about $50m on 19 March.
A spokesperson for BW Group told TradeWinds that the offer period has not ended, so it is premature to comment on whether it would extend the period or increase the price.
"Subject to the final level of acceptances after the expiry of the offer period, BW Group intends for Epic Gas to maintain its listing on Merkur Market and welcomes shareholders who would like to continue to hold shares in the company," the spokesperson added.
Epic Gas shareholders have until 16 April to accept the offer.
BW had previously said it may extend the bid, but by no more than four weeks.
Epic Gas said on Wednesday that its loan agreements include certain rights for lenders if a change of control takes place in the company.
"All lenders have provided the relevant consents and waivers," it said. "As a result, none of the loans become due and payable following change of control."
Busy period for BW
BW's initial deal for Epic included the purchase of all of the shares held by certain affiliates of Jefferies Financial Group and DVB SIIM.
It continues a busy period for the Singaporean group which has been blazing a merger-and-acquisition trail with successful deals in the product and chemical tanker markets over the past year.
Epic is also no stranger to consolidation, having been formed via a combination with Pantheon in 2012 and is backed by famed deal-makers Chris Buttery and Paul Over.
The structure of BW's move on Epic is a carbon copy of its swoop for Hafnia Tankers last year, with an initial stake acquired and an offer in place for the remaining stock.
BW said it will offer an additional consideration equal to $3.5m to be divided by the total number of shares acquired under the offer, provided that it will be no higher than $0.10 per share.
