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(Alliance News) - Taylor Maritime Investments Ltd said on Thursday its offer to acquire Grindrod Shipping Holdings Ltd had become "unconditional".
As at 0459 GMT Tuesday or 2359 New York time Monday, Taylor Maritime held 14.4 million shares, representing 73.78% in Grindrod in aggregate, the two companies said in a joint statement on Tuesday.
The aggregate 73.78% is the maximum potential issued share capital of Grindrod.
Taylor Maritime is expected to promptly pay for all shares that were validly tendered, the statement said.
Grindrod shareholders validly tendered 8.96 million shares, or 47.20%. They will receive USD26.00 per share, comprising USD21.00 in cash and the special dividend of USD5.00.
As at August 29, Taylor Maritime owned 25.93% in Grindrod.
Back in October, Taylor Maritime made a voluntary conditional cash offer for all shares it did not already own in Grindrod after making a non-binding indicative proposal to acquire Grindrod on August 29.
Late last month, Taylor Maritime Chief Executive Edward Buttery said: "Our offer to acquire the remaining shares in Grindrod Shipping represents the logical next move to consolidate TMI's existing 26% minority stake and take control of an enlarged, high-quality fleet to realise significant efficiency gains and generate enhanced returns for our shareholders."
"With the improved age profile, greater carrying capacity and reduced carbon intensity of the combined fleet, TMI will be even better positioned to take advantage of the favourable market conditions expected to continue to the end of 2024 and possibly beyond," Buttery said then.
In Johannesburg, Grindrod Shipping shares were up 1.6% at ZAR380.00 on Tuessday morning. But Taylor Maritime rose by 1.2% to 91.16 pence in London.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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