DHT Holdings, Inc.: Court Denies Frontline's Request for a Preliminary Injunction
June 07 2017 - 12:15PM
HAMILTON, BERMUDA, June 7, 2017 - DHT Holdings, Inc.
(NYSE:DHT) ("DHT") today announced that the High Court of the
Marshall Islands (the "Court") has denied Frontline Ltd.'s request
for a preliminary injunction relating to transactions contemplated
by the previously announced Vessel Acquisition Agreement between
DHT and BW Group Limited.
On June 7, 2017, the Court rejected Frontline's arguments and
issued an order denying Frontline's motion for a preliminary
injunction. The Court cited Frontline's failure to
demonstrate a probability of success on the merits of its claims.
In particular, the Court noted that the acquisition of BW's fleet
fell within the sound discretion of the DHT board of directors'
business judgment, and that Frontline "has no likelihood of
success" on any challenge to the rights plan implemented by the DHT
Board, as the rights plan was a reasonable response to Frontline's
actions.
Both the High Court of the Marshall Islands and the Supreme
Court of the State of New York have now rejected Frontline's
attempt to interfere with DHT's acquisition of BW's fleet.
Cravath, Swaine & Moore LLP is serving as legal counsel to
DHT.
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.
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represent DHT's estimates and assumptions only as of the date of
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and investors should be able to bear the loss of their
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that might cause future results to differ, please refer to DHT's
Annual Report on Form 20-F, filed with the SEC on March 23,
2017.
DHT undertakes no obligation to publicly update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events or otherwise, except
as required by law. In light of these risks, uncertainties
and assumptions, the forward-looking events discussed in this press
release might not occur, and DHT's actual results could differ
materially from those anticipated in these forward-looking
statements.
Media ContactsSvein Moxnes Harfjeld, Co-CEO: +47
23115080Trygve P. Munthe, Co-CEO: +47 23115080
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