DHT Holdings, Inc. Announces Receipt of Unimproved Proposal from Frontline
April 26 2017 - 2:32AM
HAMILTON, BERMUDA, April 26, 2017 - DHT Holdings, Inc. (NYSE:
DHT) today announced that it has received a proposal from Frontline
Ltd. (NYSE/OSE: FRO) to acquire all of the outstanding shares of
common stock of DHT in a stock-for-stock transaction.
Frontline has proposed a ratio of 0.8 Frontline shares for each
share of DHT, which is the same exchange ratio contained in
Frontline's previous proposal of February 24 of this year.
Frontline delivered its proposal letter to Erik Lind, Chairman
of the DHT Board, shortly after 4:30 p.m. New York City time, on
April 25, and requested a response to the letter by 12:00 p.m., New
York City time, on April 26.
"Consistent with its fiduciary duties, DHT's Board will evaluate
the proposal from Frontline," said Mr. Lind. "While the
proposed exchange ratio of 0.8 reflects no improvement from the
proposal our Board previously considered and unanimously rejected,
our Board will carefully and thoroughly review the offer, taking
into account the changes to DHT's fleet, market conditions and
other developments that have occurred over the past two months.
I note that, as has been the case with their previous
proposals, Frontline is requesting a reply in an unreasonably
accelerated timeframe - in this case, less than 24 hours - which
does not permit for an appropriate and diligent review by our
Board. We will respond in due course."
Lazard Ltd. is serving as financial advisors to DHT and Cravath,
Swaine & Moore LLP is serving as legal counsel.
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company operating a fleet
of crude oil tankers in the VLCC and Aframax segments. We operate
through our wholly owned management companies in Oslo, Norway and
Singapore. For further information: www.dhtankers.com.
Media Contacts
Svein Moxnes Harfjeld, Co-CEO: +47 23115080 Trygve P. Munthe,
Co-CEO: +47 23115080
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