Investing.com -- Shares of CMBTECH NV (NYSE: CMBT ) fell 3.7% following the announcement of a term sheet for a stock-for-stock merger with Golden Ocean Group Limited (NASDAQ: GOGL ), which saw its shares rise 2.6%. The planned merger, expected to be completed in the third quarter of 2025, involves an exchange ratio of 0.95 CMBTECH shares for each Golden Ocean share, subject to adjustments.
The merger aims to create one of the world’s largest diversified maritime groups, combining a fleet of over 250 vessels. The transaction is contingent on due diligence, definitive agreements, board and regulatory approvals, Golden Ocean shareholder approval, and the effectiveness of a registration statement with the SEC.
Upon completion, Golden Ocean will delist from NASDAQ and Euronext (EPA: ENX ) Oslo Børs, while CMBTECH will remain listed on the New York Stock Exchange and Euronext Brussels, and will seek a secondary listing on Euronext Oslo Børs. The combined company would result in CMBTECH shareholders owning approximately 70% of the issued share capital, while Golden Ocean shareholders would own around 30%, assuming no exchange ratio adjustments.
Alexander Saverys, CEO of CMBTECH, emphasized the growth and value of the combined fleet, which would exceed 11 billion USD, and the company’s focus on decarbonization aligning with recent IMO decisions to limit greenhouse gas emissions from shipping. Peder Simonsen, CEO of Golden Ocean, highlighted the complementary nature of the fleets and the potential for increased market capitalization, net asset value, and share liquidity.
Carl Steen, Chairman of the Transaction (JO: NTUJ ) Committee of Golden Ocean, affirmed the fairness of the exchange ratio based on the net asset values of both companies, deeming the merger beneficial for stakeholders.
The market response to the merger news reflects investor sentiment regarding the proposed transaction’s terms and its potential impact on the companies’ future operations and growth.
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