The transaction has the value of $0.72 Per Common Share Plus Repayment of Debt; acquisition Accretive to Matson's Earnings and Cash Flow. Separately Horizon to Sell Hawaii Operations to Pasha and Terminate Puerto Rico Operations.
A Matson Investor Conference Call has been acheduled for 5:00 PM Eastern Time today.
Matson, Inc. (NYSE: MATX) and Horizon Lines, Inc. (OTCQB: HRZL) today announced that they have entered into a definitive merger agreement pursuant to which Matson will acquire the stock of Horizon, which will include its Alaska operations and the assumption of all non-Hawaii business liabilities (the "Transaction"). Separately, Horizon today also announced that it has agreed to sell its Hawaii operations to The Pasha Group for $141.5 million (the "Hawaii Business Sale") and intends to shut down its Puerto Rico liner operations by the end of 2014.