TUI Wins CP Ships Approval
Germany's TUI said CP Ships (TEU) shareholders cleared the companies' $2 billion merger.
Hanover, Germany-based TUI said it would buy CP Ships shares for $21.50 apiece in cash next Tuesday. TUI, which owns the Hapag-Lloyd container shipper, said it expects to amalgamate CP by year-end.
Michael Frenzel, CEO of TUI, said, "By successfully acquiring CP Ships, we will transform our shipping division into a global player and at the same time establish our group on a second, profitable base."
CP Ships CEO Ray Miles added, "We are delighted to achieve this excellent outcome for our shareholders following our Board's strong recommendation of the TUI offer."CP was halted Wednesday at $21.49.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV