Overseas Shipholding Group Announces Cancellation of Annual Meeting of Stockholders

Rhea-AI Summary

Overseas Shipholding Group (OSG) announced the cancellation of its 2024 Annual Meeting of Stockholders, initially scheduled for June 6, 2024. This decision is due to a pending merger with Saltchuk Resources. Details of the merger, disclosed in a previous press release on May 20, 2024, indicate that Saltchuk will acquire OSG at $8.50 per share, valuing the transaction at $950 million.

Positive

• Merger with Saltchuk Resources valued at $950 million.
• Purchase price set at $8.50 per share in cash.
• Potential for increased shareholder value due to acquisition.

Negative

• Cancellation of the Annual Meeting may indicate underlying uncertainties.
• Lack of detailed financial data about the merger impacts.
• Possible operational disruptions or delays due to the merger.

TAMPA, Fla.--(BUSINESS WIRE)-- Overseas Shipholding Group, Inc. (NYSE: OSG) (“OSG”) announced today that it has determined to cancel its 2024 Annual Meeting of Stockholders scheduled for June 6, 2024 in consideration of its contemplated merger transaction with Saltchuk Resources, Inc. For more information regarding such transaction, please see OSG’s press release issued on May 20, 2024 entitled “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 Million.”

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. is a publicly traded company providing liquid bulk transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG’s U.S. Flag fleet consists of Suezmax crude oil tankers, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information about OSG is available at www.osg.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529502318/en/

Investor Relations & Media:

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

sallan@osg.com

Source: Overseas Shipholding Group, Inc.

FAQ

Why did Overseas Shipholding Group (OSG) cancel its 2024 Annual Meeting of Stockholders?

OSG canceled the meeting due to its contemplated merger transaction with Saltchuk Resources.

What is the purchase price per share for the OSG merger with Saltchuk Resources?

The purchase price is $8.50 per share in cash.

How much is the Overseas Shipholding Group (OSG) merger with Saltchuk Resources valued at?

The merger is valued at $950 million.

When was the press release about the OSG and Saltchuk Resources merger issued?

The press release was issued on May 20, 2024.