Transportation Industry
Bear Stearns to acquire MC Shipping.(Update)
Marine Log, August, 2007
Under a merger agreement signed last month, MC Shipping Inc. will be acquired by a newly formed entity controlled by Bear Stearns Merchant Banking (BSMB).
MC Shipping Inc. is an international shipping company focused on maritime transportation of liquefied petroleum gas (LPG), with headquarters in Monaco and an office in London. MC Shipping currently fully or partially owns and operates a fleet of 19 vessels, including 15 LPG carriers, ranging in capcity from 3,000 to 78,000[m.sup.3] and four container vessels of 2,300 TEU capacity, and has contracted to purchase four others, that serve the world's major oil, gas, shipping and trading companies.
Under the terms of the merger deal, MC Shipping shareholders will receive $14.25 per share in cash,...
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