Hafnia lowballed Ardmore in opening gambit merger bid, analysts say

The reviews from analysts are in, and many believe Hafnia's bid to acquire Ardmore Shipping undervalued its product tanker rival.

But some see the $270m offer as an opening gambit in what could be a beneficial merger negotiation.

As TradeWinds reported on Monday, BW Group-backed Hafnia made public its three-week-old bid to buy Anthony Gurnee-led Ardmore and consolidate the two companies fleets.