Stamford-based shipping company Dorian LPG is digging in its heels against Norway’s BW LPG, one of the world’s largest liquefied petroleum gas (LPG) shippers, for comments BW has made in the midst of its ongoing, unsolicited $1.1 billion acquisition proposal.
BW has continued to try and sweeten the proposal, which Dorian’s board rejected in June. In July, the Norwegian company raised its per-share offer price for Dorian. Its initial offer included giving Dorian shareholders 2.05 BW shares for each Dorian share; its latest proposal upped that figure to 2.12 BW shares for each Dorian share.
BW also announced its plans to nominate independent director candidates to stand for election at Dorian’s next annual meeting in order to combat what it has maintained is Dorian’s failure to respond to its continued overtures.
This morning, Dorian said that, contrary to those statements, it has “met multiple times with BW’s leadership team.”
“It is disingenuous for BW to characterize Dorian as nonresponsive and to completely mislead shareholders by failing to discuss the facts of the situation,” the Stamford company said. “It is in this spirit that Dorian has met multiple times with BW’s leadership team, including an in-person meeting with the entire Dorian board and BW.
“We also requested information regarding BW’s net asset values since July — we did not make providing that info a condition to these meetings — and BW only provided this information just a few days ago,” Dorian continued. “We are in the process of scheduling a meeting to discuss this information with BW.
“The Dorian board and management team continue to explore whether BW can deliver appropriate value to Dorian shareholders as we evaluate the opportunities before us,” the company concluded. “We will not close doors to potential opportunities and will respond to BW’s proposal in due course.”