DryShips news for Thursday concerning a merger offer for the company has DRYS stock on its way up.
The merger offer for DryShips (NASDAQ:DRYS) comes from SPII Holdings. This is actually a company that is in the control of DryShips Chairman and CEO George Economou.
The DryShips news release concerning the merger offer doesn’t reveal much in the way of details. This includes not mentioning how much SPII Holdings values the company at.
What we do know about the offer is that it is a non-biding one. The shipping company says that it is also considering the offer. Its Board of Directors has created a special committee to overlook and consider the proposal. This special committee is made up completely of disinterested Board members.
It’s possible that the DryShips merger will pan out and the company will combine with SPII Holdings. If so, this will have the company becoming a subsidiary under SPII Holdings.
The DryShips news about a possible merger offer saw the company’s shares trading heavily on Thursday. 360,000 shares had moved before the markets opened today, which beats out the shipping company’s daily average 303,000 shares of DRYS stock moving.
DRYS stock was up 24% as of Thursday morning. However, the stock is down 46% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.