ISH's report came in the wake of an announcement Thursday by Liberty Shipping Group that it was ending an offer made last September to purchase all outstanding ISH common stock for $25.75 per share. Liberty, based in Lake Success, N.Y., said ISH had made a draconian demand in a confidentiality agreement, which also included an “outrageous ' demand that we agree to restrict our ability to freely compete with ISH for a period of one year.”
ISH also said, “Liberty was unwilling to provide a substantive valuation analysis to indicate $25.75 was a bona fide offer and did not provide the special committee with evidence of debt financing for a potential transaction.”
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ISH said a special committee of its board of directors, which does not include members of the founding Johnsen family, “is exploring other strategic alternatives with other parties that have each signed a confidentiality agreement with customary standstill provisions.”
Members of the Johnsen family, including Chairman Niels M. Johnsen and Chief Executive Officer Erik L. Johnsen, own about a quarter of company of the company’s stock, compared to Liberty’s 9 percent stake.
ISH said it plans to release its operating results for the fourth quarter and full year 2008 by the end of January 2009.
