GasLog Ltd has upped its offer to take GasLog Partners off public markets.
Peter Livanos-backed GasLog Ltd said on Thursday that it was offering $8.65 per share, including a $3.28 per share cash dividend, to take New York-listed GasLog Partners private in a deal representing more than $447m.
The LNG carrier owners said they intend to close the deal by the end of the third quarter, subject to approval of a majority of shareholders.
“[GasLog Partners’ conflicts committee] unanimously recommended that the partnership board approve the merger agreement and determined that the transaction was in the best interests of the partnership and the holders of its common units unaffiliated with GasLog,” GasLog Partners said in the announcement.
GasLog Ltd, which owns roughly 30% of GasLog Partners, first launched its take private push in January, offering $7.70 per share and a $2.33 per share special dividend for a $398m offer.
Shortly thereafter, veteran analyst Ben Nolan of Stifel said GasLog Ltd would likely have to bump up its offer to somewhere between $8 per share and $9 per share.
The company said the improved $8.65 per share offer is a 24% premium to the 24 January closing price — the last trading day prior to the initial offer — and a 31% premium to the volume weighted average price of GasLog Partners shares over the calendar month leading up to the offer.
GasLog Partners shares closed at $8.30 on Thursday, down $0.07 or 0.84%. But after the GasLog announcement, the stock gained $0.10 to reach $8.40 in after-hours trading
GasLog Ltd itself was taken off public markets in early 2021 by BlackRock’s Global Energy & Power Infrastructure for $5.80 per share.
Other deals included New Fortress Energy buying Golar LNG Partners at $3.55 per share, Lief Hoegh & Co joining with Morgan Stanley to buy out Oslo-listed Hoegh LNG Holdings at NOK 23.50 ($2.25) per share and a Stonepeak Infrastructure Partners fund acquiring Teekay LNG at $17 per share.
The Golar and Hoegh deals were in 2021, while Teekay LNG was bought in January 2022.
