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Nordic American Tanker Ltd To Acquire Scandic American Shipping Ltd.


Monday, 17 Dec 2012 05:57am EST 

Nordic American Tanker Ltd announced that it will acquire 100% of the shares of Scandic, management company since 2004. Scandic is currently owned by a company controlled by Herbjorn Hansson, NAT's Chairman and CEO, and his closest family. Under management agreement with NAT, Scandic has administrative, commercial and operational responsibility for NAT and is required to manage NAT's day-to-day business. Scandic is now expected to become a wholly owned subsidiary of NAT. The acquisition is expected to close in January of 2013. Morgan Stanley & Co. LLC acted as financial advisor to the Board of Directors of NAT in cooperation with the US law firm of Seward & Kissel LLP. Morgan Stanley & Co. LLC provided an evaluation analysis and a fairness opinion to the Board of Directors of NAT in connection with the acquisition. 

Company Quote

8.67
0.05 +0.58%
17 Apr 2014