International Shipholding to remain independent

By Lisa Kerner

Charlotte, N.C., Feb. 26 - International Shipholding Corp. said its special committee concluded its review of strategic alternatives, which was carried out with the assistance of independent financial adviser Lazard.

The committee recommended that the company remain independent and continue to execute its business strategy.

International Shipholding formed the special committee to review an unsolicited offer made by Liberty Shipping Group LLC as well as any other proposals and alternative courses of action.

Liberty later withdrew its $25.75-per-share offer and said it did so because International Shipholding's board of directors repeatedly refused to engage in serious discussions and denied Liberty access to non-public information.

International Shipholding accused Liberty of refusing to agree to provisions in a confidentiality and standstill agreement.

Mobile, Ala.-based International Shipholding provides 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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