TUI acquires 89.1% of CP Ships shares
TUI AG’s formal takeover of CP Ships will likely have to wait until the end of the year, as shareholders holding 89.1 percent of CP Ships common shares accepted the German company’s $21.50 per share offer, just under the 90 percent required to force the sale under statutory acquisition regulations.
Instead, TUI intends to cause a meeting of CP Ships shareholders to be held to consider an amalgamation, by which TUI would acquire all of the remaining CP Ships shares. It is expected that an announcement regarding the meeting will be made shortly, and the amalgamation will be completed by Dec. 31.
TUI acquires 89.1% of CP Ships shares
