Taylor Maritime Investments (TMI) is making a takeover offer for Grindrod Shipping that values the bulker owner at $494m.
London-listed TMI, which already holds a 26% stake in Singapore and Nasdaq-listed Grindrod, would use a non-binding cash offer of $26 per share to create an enlarged owner of handysizes up to ultramax bulkers.
Monday’s disclosure in effect confirms a 6 April TradeWinds report indicating Grindrod was in play after it chose not to seek a permanent successor to retired chief executive Martyn Wade.
