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Saltchuk Resources Completes Acquisition of OSG

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Nick Blenkey

Saltchuk Resources Inc. announces that it has successfully completed its previously announced tender offer to acquire all of the outstanding common shares of Overseas Shipholding Group Inc. (NYSE: OSG) not already owned by Saltchuk for a purchase price of $8.50 per share in cash, representing an enterprise value of approximately $950 million. The transaction closed this morning, and OSG is now a wholly owned subsidiary of Saltchuk.

“With OSG, Saltchuk now has more than 8,500 people with one thing in common: we strive every day to perform our services safely, responsibly and reliably,” said Saltchuk Resources CEO Mark Tabbutt. “As with our other businesses, OSG will remain independent and independently managed. We look forward to working with the OSG team as we move forward together.”

OSG becomes Saltchuk’s seventh business unit, adding energy transportation to the company’s business lines that include domestic and international transportation, logistics, marine services, energy distribution and air transportation.

“The Saltchuk transaction represents a significant development in OSG’s long history, and we are very pleased that it has come to a successful conclusion,” said OSG President and CEO Sam Norton. “The management of both our companies recognizes the value of having our business within the Saltchuk family of companies, an organization committed to maintaining the important role of the domestic maritime industry in the U.S. The entire OSG team looks forward to our future together.”

Saltchuk Resources announced the proposed transaction on May 20, 2024, and the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was announced on June 26.

Computershare Inc. and Computershare Trust Company, N.A., acting as joint depositary and paying agent for the tender offer, announced that as of the expiration date of the tender offer, approximately 47,770,076 shares of OSG common stock had been validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 66% of the issued and outstanding shares of OSG common stock, which percentage does not include Saltchuk shares.

As a result of the closing of the transaction, prior to the commencement of trading on the New York Stock Exchange on July 10, 2024, all of OSG’s common stock ceased trading and OSG’s common stock will subsequently be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934, as amended.