Economou Proposes to Acquire DryShips

Marshall Islands-based SPII Holdings has offered to buy Greek ship owner and operator DryShips, which recently wrapped up the acquisition of tanker pool operator Heidmar.

As informed, Dryships has received a non-binding offer letter from SPII Holdings, a company controlled by Dryships’ chairman and CEO George Economou, which proposes to merge Dryships into a subsidiary of SPII Holdings.

Economou already owns an 83.35% stake in the company.

SPII would pay USD 4 per share in cash for DryShips, according to DryShips’ 13 D/A filing.

“The board of directors of the company has formed a special committee consisting solely of disinterested directors to consider the proposal,” DryShips said in a statement.

As of June 13, DryShips operated a fleet of 32 vessels comprising bulkers, tankers and offshore support vessels.