Saltchuk confirms OSG takeover after two-thirds of investors tender shares (NYSE:OSG)

Saltchuk Resources said Wednesday it has completed its takeover of Overseas Shipholding Group (NYSE:OSG), acquiring all shares not already owned for $8.50/share in cash at an enterprise value of ~$950M.

Overseas Shipholding (OSG), a provider of liquid bulk transportation services for crude oil and petroleum products, will operate as a standalone business unit under Saltchuk.

OSG (OSG) becomes Saltchuk’s seventh business unit, adding energy shipping to its diversified lines of business which include domestic shipping, international shipping, logistics, marine services, energy distribution, and air cargo.

The company lists more than 20 ships in its fleet, including suezmaxes, conventional and lightering articulated tug barges, shuttle and conventional MR tankers, and non-Jones Act MR tankers.