Genco Shipping & Trading is to acquire its separately quoted offshoot, Baltic Trading, in a deal that will see relatively little cash changing hands.
Under the terms of the agreement, Baltic Trading will become an indirect wholly-owned subsidiary of Genco.
Baltic Trading shareholders will receive 0.216 shares of Genco common stock for each share of Baltic Trading common stock they own at closing, with fractional shares to be settled in cash.
Genco
