Gram Car Carriers agrees to $700 million takeover by MSC subsidiary

Gram Car Carriers ASA (GCC) has announced that it has accepted a voluntary cash offer from SAS Shipping Agages Services Sàrl (SAS), a wholly owned subsidiary of MSC Mediterranean Shipping Company, the world’s largest container shipping line.

The offer concerns the acquisition of all outstanding shares of GCC, a Norwegian supplier of tonnage for the transportation of passenger cars and trucks.

The value of the transaction, first announced in April, is approximately USD 700 million.

The offering is the first stage of SAS’s plan to acquire all of GCC’s issued and outstanding shares. If SAS acquires and holds 90% or more of all the company’s shares, it will have the right to compulsorily buy out the remaining shares. Alternatively, if SAS holds more than one-third but less than 90% of the shares upon completion of the offer, a mandatory offer for the remaining shares will be required in accordance with Section 6 of the Norwegian Securities Exchange Act.

The offer period started on Monday and will end at 16:30 (CEST) on June 26, 2024.

The offer price is NOK 263.69 per share in cash, subject to adjustments. The offer price represents a significant premium to the closing share price on April 23, 2024, the last trading day before the announcement of the transaction agreement and the offer.

The acquisition was supported by shareholders, including GCC’s board members and executives, who collectively own approximately 56.20% of the shares and have agreed to accept the offer on certain terms. The company’s largest shareholders also made an irrevocable commitment to accept the offer.

GCC, the world’s third-largest tonnage provider in the Pure Car Truck Carriers (PCTC) segment, operates 17 vessels in the Distribution, Midsize and Panamax segments. The company is known for providing vessels and logistics solutions that ensure the safe and efficient transportation of vehicles to PCTC’s network of major global and regional operators.

Unlock exclusive insights today!

Join the gCaptain Club to enjoy curated content, insider views and lively community discussions.