Pangaea Logistics Solutions executives found themselves defending the terms of their 15-ship all-stock acquisition of private MT Maritime Management on Tuesday, but not because analysts thought the company hadn’t negotiated a good deal.
The thrust of a question from analyst Poe Fratt of Alliance Global Partners was somewhat the opposite: that perhaps New York-listed Pangaea had bought the Connecticut owner’s fleet too cheaply through an issuance of $194m in stock.
