Hunter Maritime Not Buying Oskar Wehr Quintet

The Marshall Islands-based Hunter Maritime Acquisition Corp. revealed it has “mutually agreed” with Germany’s Oskar Wehr to terminate the master agreement and the memoranda of agreement (MOA) related to the acquisition of five Capesize dry bulk carriers.

As informed, after the previously announced tender offer expired on June 9, certain conditions to the consummation of the tender offer and the acquisition were not satisfied.

These include the condition that not more than 8,233,100 Class A common shares had been validly tendered and not properly withdrawn at the expiration date.

With a value of USD 0.0001 and a purchase price of USD 10 per share, the shares were listed on the Nasdaq Capital Market.

“The company is not accepting for payment any Class A common shares that have been tendered, and such … shares will be returned promptly, without expense, to the holders,” Hunter Maritime said in a statement.

“The tender offer consideration of USD 10.00 per Class A common share will not be paid or become payable to any holders of … shares … and such funds will remain in the company’s trust account established to hold the proceeds of the company’s initial public offering,” Hunter Maritime added.

Following the termination of the agreements, Hunter Maritime said it “will continue to seek to identify potential target businesses or assets.”

In early June, Hunter Maritime managed to reduce the purchase price of the five ships to USD 133.5 million from USD 139.4 million.

The vessels in question are MV Charlotte Selmer, MV Greta Selmer, MV Tom Selmer, MV Lene Selmer and MV Hugo Selmer, all of them built by Chinese shipbuilder New Times Shipbuilding.