GREEK FAMILY SEEKS TO TAKE ANANGEL-AMERICAN PRIVATE
Superior Navigation Ltd., a Liberian corporation controlled by the Angelicoussis family, said it is commencing a tender offer to purchase all shares in Anangel-American Shipholdings Ltd., the bulk shipping company listed on the Nasdaq stock exchange.
The offer is for $5 per share in cash, and expires on March 29.
Superior Navigation is controlled by the same Angelicoussis family interests that control 81 percent of Anangel.
If the offer is consummated, Superior Navigation intends to compulsorily acquire the shares that were not tendered in the offer if, after completion of the offer, 90 percent or more of the outstanding shares have been tendered.
Following such compulsory acquisition, Anangel would become a wholly owned subsidiary of Superior Navigation.
“The purpose of the offer and the compulsory acquisition is to take Anangel private,” Superior Navigation said in a statement. Angelicoussis family interests intend to tender their shares in Anangel.