In a filing with the SEC, Saltchuk Holdings says that it has informed Jones Act tanker and ATB operator Overseas Shipholding Group Inc. (NYSE: OSG) that it is suspending discussions of a possible acquisition. Back in July, Saltchuk, which then owned about 17.5% of OSG’s outstanding shares made a proposal to require the rest of the company’s outstanding shares for $3 per share.
In the SEC filing, Saltchuk says it is suspending discussions “in light of continued uncertainty with respect to the pace and trajectory of the global pandemic recovery and its effects on the Issuer’s [OSG’s] business and operations, Saltchuk Holdings is suspending discussions with the Issuer regarding a possible acquisition of its outstanding common stock.”
Saltchuk says it “intends to review its investment in the Issuer on a periodic basis and may from time to time engage in discussions with the management and board of directors of the Issuer, as well as with other shareholders and potential shareholders of the Issuer, concerning, among other things, the business, operations, and future plans of the Issuer. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price of the Issuer’s securities, conditions in the securities markets and general economic and industry conditions, the Reporting Person [Saltchuk] may in the future take such actions with respect to its investment in the Issuer as it deems appropriate …”