SEPTEMBER 21, 2018 — Could a major merger in the LPG carrier sector be in the works after all? In a filing with the SEC, Dorian LPG Ltd. (NYSE: LPG) reports that it is continuing to meet with BW LPG Ltd. (OSE: BWLPG) to discuss its unsolicited proposal to combine with Dorian in a stock-for-stock transaction (see earlier story).
In its filing, Dorian says that on “September 20, 2018, its senior management team — including Chairman John Hadjipateras, Chief Financial Officer Theodore Young and Dorian LPG (USA) LLC Chief Executive Officer John Lycouris — and its bankers and lawyers met with members of BW LPG’s (“BW”) management team — including Chief Executive Officer Martin Ackermann and Chief Financial Officer Elaine Ong — and its bankers and lawyers. This is the latest of several meetings in Dorian’s ongoing dialog with BW. Over several hours, Dorian’s team gave feedback on information BW had provided Dorian and asked questions about BW’s business and proposal. Dorian continues to evaluate BW’s proposal and other alternatives to maximize shareholder value.”