OSLO, NORWAY: SAS Shipping Agencies Services Sàrl has officially launched a voluntary cash offer to acquire all issued and outstanding shares of Gram Car Carriers ASA (GCC). This move comes after the stock exchange announcement on April 24, 2024, which indicated that SAS had reached an agreement with GCC regarding the offer.

The offer, recommended unanimously by GCC’s board of directors, commenced at 09:00 hours (CEST) on May 27, 2024, and is set to expire at 16:30 hours (CEST) on June 26, 2024, with a possibility of extension at SAS’s discretion but not beyond August 5, 2024.

Shareholders of GCC are being offered a cash consideration of NOK 263.69 per share, amounting to an aggregate equity purchase price of approximately NOK 7.643 billion. This offer price includes a premium over various benchmarks, including a 24.1% premium over the closing trading price on April 23, 2024, and even higher premiums over the 30-, 90-, and 365-day volume-weighted average share prices, adjusted for historical dividends.

The offer document, approved by the Oslo Stock Exchange on May 23, 2024, details the complete terms and conditions, including acceptance procedures. It is available digitally and can be obtained from the offices of the receiving agent, DNB Markets, a part of DNB Bank ASA.

Notably, shareholders who collectively own approximately 56.20% of GCC’s shares have agreed to accept the offer. This includes the company’s largest shareholders, who hold around 54.89% of the shares, providing irrevocable undertakings to accept the offer.

An independent expert statement from ABG Sundal Collier ASA, in accordance with the Norwegian Securities Trading Act, has deemed the offer price fair from a financial standpoint. This statement is included in the offer document, providing further assurance to the shareholders about the fairness of the offer.

This acquisition is poised to create waves in the maritime transport sector, reflecting SAS’s strategic move to consolidate its position in the market.

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