A takeover offer from Greece’s Star Bulk Carriers that looked compelling from the outset has grown more attractive since the terms were set in December.
And that gives equity analysts at Clarksons Securities even more confidence that shareholders of Connecticut’s Eagle Bulk Shipping will approve what is now an $836m acquisition come a 5 April vote.
The deal has become even better because while the exchange ratio of the all-stock deal has remained fixed, Star’s fleet has increased in value more than Eagle’s since the agreement was announced, analysts led by Frode Morkedal said in a client note on Monday.
