• ITVI.USA
    15,948.420
    108.680
    0.7%
  • OTLT.USA
    2.798
    -0.001
    0%
  • OTRI.USA
    22.010
    -0.060
    -0.3%
  • OTVI.USA
    15,936.600
    100.010
    0.6%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
  • ITVI.USA
    15,948.420
    108.680
    0.7%
  • OTLT.USA
    2.798
    -0.001
    0%
  • OTRI.USA
    22.010
    -0.060
    -0.3%
  • OTVI.USA
    15,936.600
    100.010
    0.6%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
American Shipper

Seaspan to buy manager, shares

 

   The containership chartering company Seaspan Corp. said Tuesday that it has entered into a binding memorandum of understanding to buy Seaspan Management Services in a stock-based transaction valued at $54 million, excluding potential balance sheet adjustments and future fleet growth-based payments.
   Since Seaspan’s initial public offering in August 2005, the manager has provided to Seaspan all of Seaspan’s technical, administrative and strategic services. It employs 2,400 seagoing staff and approximately 185 shore staff.
   Seaspan had been considering the acquisition for months, and said the deal will “increase its control over access to the first-rate services the manager provides on a long-term basis, and reduce certain conflicts between Seaspan and its directors who have interests in the manager.”
   Seaspan also said Tuesday that it will acquire and retire 100 percent of its outstanding Class C Common Stock held by the owners of the manager and also plans to purchase up to 10 million shares of its Class A common shares at a price of $15 per share, representing a 43.5 percent premium to the December 12 closing price of $10.45 per share for Seaspan’s shares on the New York Stock Exchange.
   Gerry Wang, the company’s chief executive officer said the tender “reflects our confidence in the Company’s future prospects and we believe is an efficient way of returning capital to shareholders and increasing long-term shareholder value.”
Seaspan’s directors and executive officers have advised Seaspan that they do not intend to tender their shares in the tender offer.
   Seaspan has a contracted fleet of 72 containerships–65 in operation and seven scheduled for delivery through 2014.
   After the announcement Tuesday morning, Seaspan’s shares jumped in price, trading Tuesday in a range of $11.77-13.92 compared to a range of $10.26-10.72 on Monday.

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