DHT Holdings, Inc. Board Unanimously Rejects Revised Proposal from Frontline
February 28 2017 - 12:07PM
HAMILTON, BERMUDA, February 28, 2017 - DHT
Holdings, Inc. (NYSE: DHT) today announced that its Board of
Directors has unanimously rejected Frontline Ltd.'s (NYSE/OSE: FRO)
revised proposal to acquire all of the outstanding shares of common
stock of DHT at an exchange ratio of 0.8 Frontline shares for each
DHT share.
After a comprehensive review, conducted in consultation with its
financial and legal advisors, the DHT Board concluded that the
revised Frontline proposal continues to be wholly inadequate and
not in the best interests of DHT or its shareholders. The
Board notes, in particular, that Frontline's revised proposal
continues to significantly undervalue the contribution that DHT's
business and fleet would make to a combined company, including with
respect to net asset value and profit contribution.
DHT received the revised offer on Friday, February 24,
2016. The DHT Board informed Frontline of its decision on
Sunday, February 26 and, in its response letter, offered to have
DHT's co-CEOs meet with Frontline over the coming days.
Frontline turned down offers to meet on either Tuesday, February 28
or Wednesday, March 1.
The response of the DHT Board to Frontline is available on the
below link.
Lazard Ltd is serving as financial advisor to DHT and Cravath,
Swaine & Moore LLP is serving as legal counsel.
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
23115080 Trygve P. Munthe, Co-CEO: +47 23115080
Brunswick Group Steve Lipin/Darren McDermott: +1
212-333-3810
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/50e7c48b-2166-45cb-a90b-b2263935375a
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