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Hunter Maritime Acquisition Corp. terminates tender offer

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Dry Bulk,


Hunter Maritime Acquisition Corp. (Nasdaq: HUNT) has announced that the company is terminating, effective immediately, its previously announced tender offer, as amended and supplemented (the ‘Tender Offer;), to purchase up to 8 233 100 of its Class A common shares, par value US$0.0001 per share, at a purchase price of US$10.00 per Class A common share, in connection with the company's previously announced proposed acquisition of five identified capesize dry bulk carriers from five Cypriot companies in an en-bloc transaction for US$133.5 million in cash.

The Tender Offer expired at 5:00 p.m. New York City time on 9 June, 2017 (the "Expiration Date"), and as of that time, certain conditions to the consummation of the Tender Offer and the Acquisition were not satisfied, including the condition that not more than 8 233 100 Class A common shares shall have been validly tendered and not properly withdrawn at the Expiration Date. As a result, the Company and the Sellers mutually agreed to terminate the Master Agreement and the Memoranda of Agreement relating to the Acquisition in accordance with their respective terms and conditions.

The company is not accepting for payment any Class A common shares that have been tendered, and such Class A common shares will be returned promptly, without expense, to the holders who have tendered such shares (or, in the case of shares tendered by book-entry transfer through the DTC, such shares will be credited to the appropriate account maintained with the DTC). The Tender Offer consideration of US$10.00 per Class A common share will not be paid or become payable to any holders of Class A common shares pursuant to the Tender Offer and such funds will remain in the company's trust account established to hold the proceeds of the company's initial public offering. Under no circumstances should Class A common shares be tendered to the Company or DTC and, if tendered, such Class A common shares will not be accepted and will be promptly returned to the tendering shareholder.

The company will continue to seek to identify potential target businesses or assets.

Read the article online at: https://www.drybulkmagazine.com/shipping/12062017/hunter-maritime-acquisition-corp-terminates-tender-offer/


 

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