DHT Holdings has branded Frontline’s $475m takeover offer “wholly inadequate” and unanimously rejected the bid.
New York-listed DHT said its board of directors voted against the bid after carrying out a comprehensive review of the offer, which would create one of the world's largest VLCC owners.
Merging with Frontline is not in the best interests of shareholders because their proposed stake in the combined company would be dilutive, DHT said.
Offer
