NNA - Navios Maritime Holdings: Acquisition By Navios Maritime Partners Likely The Endgame

• Company's efforts to address its short-term debt issues likely getting support from CEO and Chairman Angeliki Frangou.
• While remaining a standalone entity has become an option, a merger with former subsidiary Navios Maritime Partners looks like the most likely outcome at this point.
• Outlining a hypothetical acquisition scenario. Depending on Ms. Frangou's course of action, dilution for common unitholders of Navios Maritime Partners could be substantial.
• Discussing the overhang from a recent intercompany debt-for-equity exchange transaction. Ongoing stock sales into the open market have caused Navios Maritime Holdings' shares to underperform dry bulk peers by a wide margin since the beginning of the month.
• Timing will be of the essence for a potential rebound trade in the shares with a potential merger with Navios Maritime Partners in which Ms. Frangou holds all the aces likely still months away.

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