B+H Ocean Carriers to buy back up to 8.8% of its common stock

By Lisa Kerner

Charlotte, N.C., Oct. 20 - B+H Ocean Carriers Ltd. said it expected to begin a modified Dutch auction tender offer on Oct. 20 to 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.

The offer is slated to end at midnight ET on Nov. 17, according to a B+H news release.

B+H said the offer is not contingent upon any minimum number of shares being tendered.

The board of directors of B+H believes the offer is a "prudent use" of the company's financial resources "given its current liquidity and prospective capital requirements."

B+H, under the offer, reserves the right to accept for payment up to an additional 2%, or 136,260, of its outstanding shares of common stock without amending or extending the offer.

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

Hamilton, Bermuda-based B+H is an acquirer, owner, operator and seller of vessels for dry bulk and liquid cargo transportation.

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