DryShips news for Monday concerning a buyout deal has DRYS stock taking off.
DryShips (NASDAQ:DRYS) says that all outstanding shares of DRYS stock are going to be acquired by SPII Holdings for $5.25 per share. The offer is being made in cash and is a 66% premium over the stock’s closing price on June 12, which is when the first offer was made by SPII Holdings.
The DryShips news about the $5.25 price per share of DRYS stock is also a nice boost over the initial offer made by SPII Holdings. It sits 31% higher than the $4.00 per share that the company was originally offering for the stock.
The DryShips news release notes that the deal already has the unanimous support of its Board of Directors. The Board is also advising shareholders to vote in favor of the deal when a special meeting of shareholders takes place decide on the offer.
The deal in the DryShips news release is set to close during the fourth quarter of 2019. However, it will first have to complete customary closing conditions. This includes approval from regulators, as well as from DRY stock shareholders.
It’s also worth noting that SPII Holdings is a company that is under the control of George Economou. Economou is the current Chairman and CEO of DryShips. SPII Holdings already has a stake in DRYS stock and will be acquiring all outstanding shares that it doesn’t already own.
DRYS stock was up 35% as of Monday morning, but is down 34% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.