International Shipholding special committee to review offer from Liberty Shipping

By Lisa Kerner

Charlotte, N.C., Sept. 11 - International Shipholding Corp. is forming a special committee to review a proposal from a Liberty Shipping Group LLC subsidiary, it was announced on Thursday.

The committee is expected to appoint its own independent legal and financial advisers, according to an International Shipholding news release.

As previously reported, Liberty subsidiary Projection LLC wants to acquire International Shipholding for $25.75 per share in cash in a deal with a total enterprise value of approximately $308 million.

Liberty said it prefers to work with International Shipholding to negotiate an agreement but reserved the right to take the offer directly to the company's shareholders or to seek representation on its board of directors.

Based in Mobile, Ala., International Shipholding is a provider of international and domestic maritime transportation services.

Liberty is a Lake Success, N.Y.-based owner and operator of dry bulk vessels.

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