By Denny Jacob
Navios Maritime Holdings and N Logistics Holdings entered a definitive merger agreement in which the latter company, controlled by Navios Chairwoman and Chief Executive Angeliki Frangou, will acquire all outstanding shares of Navios.
N Logistics will pay $2.28 a share in cash for the stock it doesn’t already own. That would be a 43% premium to Navios’s closing price on Sept. 12, the last day of trading before a company affiliated with Frangou made an unsolicited buyout offer.
N Shipmanagement Acquisition had submitted the offer to acquire the remaining 35.3% minority stake in Navios for $1.84 a share in cash, according to FactSet
Frangou owns about 16% of Navios’s outstanding shares, according to FactSet.
The merger is expected to close no later than the first quarter of 2024. It still requires shareholder approval.
Write to Denny Jacob at [email protected]
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