EGLE Stock Pops as Star Bulk Buys Eagle Bulk for $500 Million


  • Eagle Bulk Shipping (EGLE) stock is up on a merger agreement with Star Bulk Carriers (SBLK).
  • The companies will combine in an all-stock transaction.
  • The deal is set to take place in the first half of 2024.
EGLE Stock - EGLE Stock Pops as Star Bulk Buys Eagle Bulk for $500 Million

Source: Hieronymus Ukkel /

Eagle Bulk Shipping (NYSE:EGLE) stock is on the rise Tuesday after the company announced a merger agreement with Star Bulk Carriers (NASDAQ:SBLK).

That deal will have holders of EGLE stock receive 2.6211 shares of of SBLK stock for each EGLE share that they own. That represents a price of $52.60 per share for EGLE stock. Investors will note that this is a 17% premium over the stock’s prior closing price on Dec. 8. This has the deal worth $500 million.

Eagle Bulk Shipping and Star Bulk Carriers’ boards have both given their unanimous support to the deal. Now, the deal just needs approval from shareholders of EGLE stock and regulators. If all goes well, the deal should close in the first half of 2024.

More EGLE Stock Merger Details

Once the merger of the two companies is complete, SBLK stock shareholders will own 71% of the combined entity. That will leave EGLE stock shareholders owning the remaining 29%.

Investors will also note that the combined company will be the “largest U.S. listed dry bulk shipping company.” With that comes a pro forma market capitalization of roughly $2.1 billion. The combined company will also have liquidity of almost $420 million.

EGLE stock is up 11.1% as of Tuesday morning with some 550,000 shares traded. The stock’s daily average trading volume is about 152,000 shares.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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