Dorian LPG Still Exploring Merger Proposal from BW

Gas carrier owner and operator Dorian LPG is continuing to explore the merger proposal from Singapore-based BW LPG, the company informed.

Namely, Dorian LPG said that, in the spirit of maximizing value for Dorian shareholders, the company met multiple times with BW’s leadership team, including an in-person meeting with the entire Dorian board and BW.

“We also requested information regarding BW’s net asset values since July — we did not make providing that info a condition to these meetings — and BW only provided this information just a few days ago. We are in the process of scheduling a meeting to discuss this information with BW,” the company stated.

“It is disingenuous for BW to characterize Dorian as nonresponsive, and to completely mislead shareholders by failing to discuss the facts of the situation.

“The Dorian Board and management team continue to explore whether BW can deliver appropriate value to Dorian shareholders as we evaluate the opportunities before us. We will not close doors to potential opportunities, and will respond to BW’s proposal in due course,” Dorian LPG concluded.

To remind, Singapore-based BW LPG increased its all-stock proposal to combine with Dorian LPG in July. Under the proposal Dorian shareholders would receive 2.12 BW LPG shares for each Dorian share.

The revised proposal, represents a value of USD 8.67 per share of Dorian common stock based on BW LPG’s closing share price of NOK 32.86 on July 6, 2018.

The upping of the offer came after Dorian LPG rejected the takeover bid from BW LPG, unveiled on May 29.