GRIN - Grindrod Shipping Taylor Maritime enter cash tender offer

Grindrod Shipping ( NASDAQ: GRIN ) has entered into a transaction implementation agreement with Taylor Maritime Investments (TMI) and its subsidiary Good Falkirk (MI).

The agreement provides for a voluntary conditional cash offer to be made by TMI for all of the issued ordinary shares in the capital of Grindrod ( GRIN ).

Pursuant to the offer, GRIN shareholders will be entitled to receive the offer price of $21 in cash for each share tendered.

As of the expiration time of the offer, the company has agreed to declare a special dividend of$5.00/share to shareholders that hold shares as of a dividend record date to be determined by the board.

If the conditions to the offer are not satisfied as of the expiration time, no special dividend will be paid by the company.

If the conditions are met, GRIN shareholders who have validly tendered their shares would therefore receive an aggregate transaction value of $26/share, valuing the company’s existing issued and to be issued ordinary share capital at ~$506M on a fully diluted basis.

The transaction value represents a 26.8% premium to the last traded price per share on Aug 26, 2022.

GRIN shares were up around 1% premarket

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