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Overseas Shipholding to begin tender offer for OSG America this week
By Lisa Kerner
Charlotte, N.C., Nov. 2 - Overseas Shipholding Group, Inc. said it expects to begin its $10.25-per-unit cash tender offer for all the outstanding publicly held common units of OSG America LP during the first week of November.
As previously reported, the tender offer is conditioned on the tender of more than 4,003,166 common units, which is a majority of the units of OSG America not owned by Overseas Shipholding and its affiliates.
Overseas Shipholding and its affiliates own about 77.1% of the outstanding equity of OSG America consisting of 53.3% of the outstanding common units, 100% of the outstanding subordinated units and a 2% general partner interest, a prior Overseas Shipholding news release said.
Overseas Shipholding is a New York-based tanker company.
Tampa, Fla.-based OSG America operates U.S. flag product carriers and barges for transporting refined petroleum products.
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