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Andreas Sohmen-Pao, chairman of BW's board of directors, complained it is "not normal practice nor in the best interest of our shareholders to hold a proposal open indefinitely."
“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 this morning.
In refusing BW LPG's offer, Dorian Chairman, President and CEO John Hadjipateras said his company would be interested in absorbing some of the Norwegian firm's ships.
Under the offer’s terms, Dorian shareholders would receive 2.05 BW LPG shares for each Dorian share, equal to $7.86 per share, a premium of 13 percent from Friday’s closing price and based on BW LPG’s share price on May 28.