Torm conducts valuation amid takeover speculation
Torm Lines said it has conducted an assessment of the value of its shares after its stock price rose in response to takeover speculation.
Torm said using 'well known methods of assessment,' it was valuing its shares at 429 Danish Kroner or about $76.72. Torm's shares trade on the NASDAQ. The closing price Monday was $72.39. The company's shares had been trading between $50 and $55 for much of the fall.
Torm's shares rose after another company, Beltest Shipping, said it had been approached by a potential buyer for its 32 percent stake in Torm.
Torm operates a fleet of about 90 ships, both product tankers and dry bulk carriers.
Torm conducts valuation amid takeover speculation
