filecrux
Oct 16, 8:20 AM
$INSW (International Seaways, a NYSE tanker owner with ~70 crude and product ships) is paying for Oslo-listed Bruton mostly in new stock: ~3.12M shares, ~96% of a deal valuing Bruton at ~
$370M. That's ~6.3% of its 49.5M shares (Aug 6) and ~6.6% of its ~
$5.60B market value at
$113.11, 16:00 ET Oct 15. In return it adds 4 VLCCs, newbuildings included, for ~4% in cash; the CEO calls it accretive. Holders of 50.5% of Bruton swap ~Oct 20; Bruton votes ~Oct 30; Q3 prelim: rev ~
$480-490M, net income ~
$340-350M with ~
$50M Suezmax sale gain; full results Nov 5.
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