Just a week after saying it had ended its attempt to sell itself, Quintana Maritime (QMAR Quote) has agreed to be acquired by Excel Maritime Carriers (EXM Quote) in a deal that will combine two Greece-based dry bulk cargo shippers.
Excel will pay $13 in cash and 0.4084 shares of Class A common stock for each share of Quintana. That values Quintana at $26.48 a share, a 57% premium to its Monday close. The agreement was approved by the boards of both companies. The total transaction value will be around $2.45 billion, including assumed net debt and other costs. Shares of Quintana were jumping 32% to $22.34 in premarket trading Tuesday. Excel was down 5.5% at $31.20.- Loading Comments...
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