LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--Liberty Shipping Group LLC (“Liberty”), through its wholly-owned subsidiary, Projection LLC, announced today that it has sent a letter to the International Shipholding Corporation (NYSE: ISH - News) (“International Shipholding”) Board of Directors proposing to acquire all of the outstanding shares of International Shipholding common stock for $25.75 per share in cash. Liberty’s all-cash proposal represents a 27% premium over the closing price of International Shipholding on August 29, 2008, the last trading day prior to public disclosure of Liberty’s proposal.“We believe a combination of Liberty and International Shipholding is compelling and delivers significant value to the International Shipholding stockholders,” said Philip J. Shapiro, President and Chief Executive Officer of Liberty. “We are confident that combining our two companies would create a stronger and more competitive entity that is better positioned for future growth. We look forward to working with International Shipholding to consummate a transaction quickly.”
Jefferies & Company, Inc. is acting as financial advisor to Liberty and Gibson, Dunn & Crutcher LLP is acting as legal counsel.
Below is the text of the letter that was sent to the International Shipholding Board of Directors:
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