DHT Holdings announces receipt of unimproved proposal from Frontline
DHT Holdings, Inc. has received a proposal from Frontline Ltd. 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, the company said in its press release.
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.
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. DHT operates through its wholly owned management companies in Oslo, Norway and Singapore.
