Liberty Shipping wants to acquire International Shipholding

By Lisa Kerner

Charlotte, N.C., Sept. 2 - Liberty Shipping Group, LLC subsidiary Projection LLC proposed acquiring International Shipholding Corp. for $25.75 per share in cash in deal with a total enterprise value of approximately $308 million.

The per-share offer price is a 27% premium to International Shipholding's closing price of $20.25 per share on Friday, according to a Sept. 2 letter from Liberty to International Shipholding. A copy of the letter was included in a schedule 13D filed with the Securities and Exchange Commission.

Liberty, a 5.5% shareholder, said its proposal is based on a review of publicly available information and is subject to due diligence.

"Our preference is to work together with you and your advisors to negotiate and announce a definitive agreement between our companies in the near term," Liberty said to International Shipbuilding's board.

However, Liberty reserved the right to make a tender offer for some or all of the outstanding shares of International Shipholding's common stock, to seek representation on the board of directors or to bring the proposal directly to the company's shareholders.

International Shipholding's management and board of directors will respond "in due course" after reviewing the proposal, according to a company statement released late Tuesday.

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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