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Oil & Gas Equipment & Services M&A image Oil & Gas Equipment & Services M&A » By The Online Investor Staff, updated Wed., May. 1, 9:23 AM Recent mergers and acquisitions in the Oil & Gas Equipment & Services M&A category.

This Slide: #99 of 100

Slide #99. Nordic American Tankers Ltd. — Scandic American Shipping Ltd.

Acquirer: Nordic American Tankers Ltd. (NYSE:NAT)
Acquiree: Scandic American Shipping Ltd.
Details: Following an agreement between Scandic and NAT, NAT today announced that it will acquire 100% of the shares of Scandic, its management company since 2004. When Scandic began actively managing NAT eight years ago, NAT owned three vessels. Today NAT owns 20 vessels. Scandic is currently owned by a company controlled by Herbjorn Hansson, NAT's Chairman and CEO, and his closest family. Under its management agreement with NAT, Scandic has administrative, commercial and operational responsibility for NAT and is required to manage NAT's day-to-day business, subject to the objectives, decisions and policies of the NAT Board of Directors. By acquiring Scandic, NAT will gain full control of all aspects of its operations. The purchase price is $25 million, two-thirds of which will be paid in shares ($17m) and one-third in cash ($8m). The share component of the sale will be subject to a one-year lock-up, while the cash component will be used primarily by the seller to pay tax associated with this transaction. The part that is payable in shares has been set at $8.90 per share which is above the closing price on the NYSE on Friday, December 14, 2012 of $8.52 per share. Scandic is now expected to become a wholly owned subsidiary of NAT.

Nordic American Tankers is an international tanker company that has Suezmax tankers. The active fleet that Co. operated have the same freight capacity and ability to transport the same type of cargo. The vessels are primarily employed in the spot market, together with one vessel on a longer term time charter agreement. Co.'s vessels include Nordic Freedom, Nordic Moon, Nordic Apollo, Nordic Cosmos, Nordic Grace, Nordic Mistral, Nordic Passat, Nordic Vega, Nordic Breeze, Nordic Zenith, Nordic Sprinter, Nordic Skier, Nordic Light, Nordic Cross, Nordic Luna, Nordic Castor, Nordic Pollux, Nordic Star, Nordic Space, Nordic Aquarius, Nordic Cygnus, Nordic Tellus and Newbuilding.

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NAT — Key Stats (updated 22 hours, 49 minutes ago)
Company Name:  Nordic American Tankers Ltd
Stock buyback:  NAT buyback
Website:  www.nat.bm
Sector:  Air Services Other
Number of ETFs Holding NAT:  15
Total Market Value Held by ETFs:  $39.30M
Total Market Capitalization:  $601.00M
% of Market Cap. Held by ETFs:  6.54%
 

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May 1, 2024  •  9:23 AM Eastern
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Strong Buy (3.50 out of 4)
57th percentile
(ranked higher than approx. 57% of all stocks covered)

Analysts' Target Price:
NAT Stock Forecast

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