Dorian LPG has rejected BW LPG's offer to merge with the New York-listed VLGC player, a deal that would have formed the largest such fleet under one owner.
In a letter to BW chairman Andreas Sohmen-Pao, Dorian chief executive John Hadjipateras outlined four reasons why his board has declined the "unsolicited, conditional proposal."
"After thorough review, conducted in financial and legal advisors, the board of directors unanimously concluded that the proposal is not in the best interests of Dorian and its shareholders," Dorian said Friday.
