Saltchuk Acquiring Overseas Shipholding Group

Saltchuk Acquiring Overseas Shipholding Group

Seattle-based Saltchuk Resources announced May 20 that it has entered into an agreement to acquire Florida-based Overseas Shipholding Group, which provides liquid bulk transportation services for crude oil and petroleum in U.S. flag markets. The acquisition cost is estimated at $950 million, according to Saltchuk. The agreement terms, which secured unanimous approval from both companies’ Board of Directors, calls for Saltchuk to begin “a tender offer to acquire all outstanding shares of OSG it does not already own for $8.50 per share in cash.” Once the transaction’s complete, OSG is expected to operate as a standalone business within Saltchuk as…
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