International Shipholding appoints committee to weigh Liberty offer
Mobile, Ala.-based International Shipholding Corp. said its board of directors has voted unanimously to form a special committee comprising independent directors to review and evaluate a takeover bid it received earlier this month from Liberty Shipping Group.
International Shipholding was founded and is controlled by members of the Johnsen family, which owns about 25 percent of the company’s stock. Four members of the Johnsen family are on its nine person board. It said the independent directors will make a recommendation to the full board regarding the Liberty proposal.
Lake Success, N.Y.-based Liberty proposed on Sept. 2 to buyout all the company’s shares at $25.75 per share. Liberty had acquired abut a 5.5 percent stake in the company before making the offer.
International Shipholding appoints committee to weigh Liberty offer
