Avance Gas Withdraws Bid for Aurora LPG

first_imgzoom The offer period of Avance Gas Holding’s USD 200 million takeover bid to acquire all the issued and outstanding shares in Aurora LPG Holding ASA (Aurora LPG) expired on 16 December 2015 at 16:30 hours (CET).Following the expiry of the offer period, Oslo-listed Avance Gas noted in a stock exchange filing that not all of the conditions for completion of the offer have been met. As a result, Avance Gas said that it has resolved to withdraw the offer.Immediately after the offer was proposed on November 16th, Aurora LPG voiced its disapproval saying that the offer is not in line with their value and proposing its board to refuse the bid.The company offered 0.574 new shares as consideration for each share in Aurora LPG, which based on the NOK 104.5 closing share price of Avance Gas as quoted on the Oslo Stock Exchange on November 13, implied a consideration of NOK 60.0 per share in Aurora.Earlier this week, Aurora LPG’s Chairman, Leiv Askvig said the company intends to intensify its efforts to crystallize underlying values, including through sale of vessels or even the company’s liquidation to avoid Avance Gas Holding’s bid.On the other hand, Singapore’s owner and operator of very large gas carriers BW LPG Limited has continued its purchase of shares in Aurora LPG.Specifically, after close of markets on 14 December 2015, BW LPG acquired a further 852,800 shares in Aurora LPG, representing 2.87% of the outstanding shares in the company.As a result of the transaction, BW LPG now holds a total of 4.4 million shares in Aurora LPG, representing 15% of the outstanding shares in the company.Aurora LPG owns three 82,000 cbm VLGCs and six 84,000 cbm newbuilds scheduled for delivery from Korean shipbuilder Hyundai Heavy Industries in 2016.World Maritime News Stafflast_img read more

Trump Plans Military Retaliation Against Iran Cancels Strike

Rabat – After Iran shot down a US drone, Trump approved a response strike against the nation Thursday night, but soon canceled the planned military action.Top US politicians spent Thursday debating how to respond to Iran downing an unmanned US drone the morning of Thursday, June 20, amid growing concern that the shooting down of the drone and its fallout could lead to a larger conflict in the region.Trump told reporters Thursday that “Iran made a big mistake” and his “country will not stand for it.” He ultimately approved a military response strike that was to take place early Friday, June 21, morning to limit the threat to civilians, according to the NYT, which cited senior White House officials.US planes and ships were already in position when he later called off the strike.  The motivation behind the president’s last minute change of plans is unclear. It is also unclear if the strike will be carried out at a later date.The Islamic Revolutionary Guard Corps (IRGC) took responsibility for shooting down a US drone on the Iranian coast along the Gulf of Oman. Tehran claims the drone crossed into Iranian airspace; Washington claims it was an unwarranted attack as the drone was in international airspace.Read also: Saudi Arabia Calls for Urgent GCC, Arab League Meetings after Drone AttacksBoth sides say they have strong evidence supporting their argument.Thursday’s events were the most recent developments in escalating tension between the two nations.For the past month, Trump has blamed Iran for the explosions of six oil tankers in the region. This occurred alongside Iran’s announcement to break from the 2015 nuclear agreement, which the US pulled out of over a year ago.Following the drone incident, the US Federal Aviation Administration have barred US airlines from flying over parts of the Gulf region because of heightened political and military tensions. read more