B+H Ocean Carriers tender offer oversubscribed

By Lisa Kerner

Charlotte, N.C., Nov. 18 - B+H Ocean Carriers Ltd. said that according to preliminary results, 1.3 million of its shares were properly tendered it its modified Dutch auction tender offer that ended Monday.

The company previously announced it would purchase up to 600,000 shares, or 8.8%, of its common stock at a price per share not less than $4 and not greater than $5.

Of the total shares tendered, approximately 1,141,130 were tendered at the minimum price level of $4 per share, a B+H news release said.

The company is exercising its tender for 600,000 shares and its right to purchase up to an additional 2% of the outstanding common stock, or 136,260 shares, for a total of 736,260 shares.

B+H said the shares will be subject to proration at an approximate rate of 64.5%, with the final proration factor to be announced.

The shares expected to be purchased represent 10.8% of B+H's outstanding shares as of Monday.

Following the purchase of the shares, B+H will have approximately 6,076,747 shares of common stock outstanding, according to the release.

Information agent for the offer is D.F. King & Co., Inc. (800 549-6746).

The depositary is American Stock Transfer & Trust Co.

Hamilton, Bermuda-based B+H acquires, owns, operates and sells vessels for dry bulk and liquid cargo transportation.

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