Just a week after saying it had ended its attempt to sell itself,
( QMAR) has agreed to be acquired by
Excel Maritime Carriers
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.
This article was written by a staff member of TheStreet.com.