Oslo-based BW LPG, the world’s largest liquid petroleum gas shipping company, has dropped its pursuit to buy New York-listed competitor Dorian LPG in a $1.1 billion all-share deal.
BW LPG said in a statement on Monday that the decision was made due to “Dorian’s continued refusal to give a meaningful response to BW LPG’s outstanding proposal, engage in constructive two-way discussions, or schedule its annual meeting.”
In connection with the withdrawal of its offer, BW LPG will also withdraw the candidates it previously intended to nominate to stand for election to the Dorian board at Dorian’s 2018 annual meeting.
“We believe this is a lost opportunity for Dorian shareholders and for the industry, but remain open to a future conversation should your board and shareholders become convinced of the merits of consolidation,” Andreas Sohmen-Pao, chairman of BW LPG said in a letter sent to Dorian chief executive John Hadjipateras.