Seattle-based Saltchuk Resources has completed its previously announced tender offer to acquire all of the outstanding shares of common stock of Overseas Shipholding Group not already owned by Saltchuk for a purchase price of $8.50 per share in cash, an enterprise value of about $950 million.
The transaction closed on July 10, making Florida-based OSG a wholly-owned subsidiary of Saltchuk. It joins Saltchuk as its seventh business unit, adding energy shipping to its diversified lines of business which include domestic shipping, international shipping, logistics, marine services, energy distribution, and air cargo.
The transaction was first announced May 20.
“With OSG, Saltchuk now numbers more than 8,500 people who share one thing in common: every day we strive to safely, responsibly, and reliably perform our services,” Saltchuk Chairman Mark Tabbutt stated.
As with Saltchuk’s businesses, OSG is expected to remain standalone and independently managed, Tabbutt added.
“The transaction with Saltchuk marks a significant development in the long history of OSG and we are very pleased that it has been successfully completed,” OSG President and Chief Executive Officer Sam Norton remarked.
“Leadership at both of our companies sees the value of having our business lie within the Saltchuk family of companies, an organization committed to sustaining the important role of the domestic maritime industry within the U.S.,” he added.