Overseas Shipholding Group Enters Into a Definitive Agreement to Be Acquired by Saltchuk Resources, Inc. Purchase Price of $8.50 per Share in Cash Transaction Valued at $950 MillionOverseas Shipholding Group Inc • May 20th, 2024 • Deep sea foreign transportation of freight
Tampa, FL and Seattle, WA, May 20, 2024 – Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (NYSE: OSG), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products primarily in the U.S. Flag markets, and Saltchuk Resources, Inc. (“Saltchuk”), a privately owned family of diversified freight transportation, marine service, and energy distribution companies, today announced that they have entered into a definitive merger agreement pursuant to which Saltchuk has agreed to acquire OSG in a transaction that values the Company at an aggregate equity value of approximately $653 million and a total transaction value of $950 million.
AGREEMENT AND PLAN OF MERGER bY AND Among OVERSEAS SHIPHOLDING GROUP, INC., SALTCHUK RESOURCES, Inc. and SEAHAWK MERGECO., INC. Dated as of MAY 19, 2024Agreement and Plan of Merger • May 20th, 2024 • Overseas Shipholding Group Inc • Deep sea foreign transportation of freight • New York
This AGREEMENT AND PLAN OF MERGER, dated as of May 19, 2024 (this “Agreement”), is entered into by and among Overseas Shipholding Group, Inc., a Delaware corporation (the “Company”), Saltchuk Resources, Inc., a Washington corporation (“Parent”), and Seahawk MergeCo., Inc., a Delaware corporation and a wholly owned Subsidiary of Parent (“Merger Sub”).
