DHT Holdings Board Unanimously Rejects Unsolicited Proposal from Frontline Ltd.
February 05 2017 - 4:53PM
HAMILTON, BERMUDA, February 5, 2017 - DHT Holdings, Inc. (NYSE:
DHT) today announced that its Board of Directors has unanimously
rejected Frontline Ltd.'s (NYSE/OSE: FRO) unsolicited, non-binding,
highly conditional proposal to acquire all of the outstanding
shares of common stock in DHT for a per-share consideration of
0.725 Frontline shares.
After a comprehensive review, conducted in consultation with its
financial and legal advisors, the DHT Board concluded that the
Frontline proposal is wholly inadequate and not in the best
interests of DHT or its shareholders.
"We believe that Frontline's proposal substantially undervalues
our company and represents an opportunistic attempt to acquire DHT
at a low point in the cycle," said Erik Lind, Chairman of
DHT. "We are confident that DHT will generate significantly
more value to shareholders as an independent company than the
prospects afforded by this proposal."
In making its determination, the DHT Board considered, among
other things, that:
- The execution of DHT's strategic plan will continue to drive
significant and sustainable value for DHT shareholders; and
- The Frontline proposal would not properly value DHT's
contribution to a combined company and would result in unacceptable
dilution to DHT's shareholders.
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company. Our fleet trades
internationally and consists of crude oil tankers in the VLCC and
Aframax segments. We operate through our integrated management
companies in Oslo, Norway and Singapore. You shall recognize us by
our business approach with an experienced organization with focus
on first rate operations and customer service, quality ships built
at quality shipyards, prudent capital structure with robust cash
break even levels to accommodate staying power through the business
cycles, a combination of market exposure and fixed income contracts
for our fleet and a transparent corporate structure maintaining a
high level of integrity and good governance. For further
information: www.dhtankers.com.
Media Contacts
Svein Moxnes Harfjeld, Co-CEO: +47 23115080Trygve P. Munthe,
Co-CEO: +47 23115080
Brunswick GroupSteve Lipin/Darren McDermott: +1 212-333-3810
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