Navios Maritime Midstream Partners Gets Merger Proposal from Navios Maritime Acquisition Corporation

July 2, 2018

 Navios Maritime Midstream Partners, an owner and operator of tanker vessels, announced today that its board of directors has received a proposal from Navios Maritime Acquisition Corporation pursuant to which Navios Acquisition would acquire the publicly held shares of Navios Midstream not already owned by Navios Acquisition in a stock for units exchange.

 
Subject to negotiation and execution of a definitive agreement, Navios Acquisition is proposing consideration of 6.292 Navios Acquisition shares for each outstanding publicly held unit of Navios Midstream as part of a transaction that would be structured as a merger of Navios Midstream with Navios Acquisition. 
 
The proposed consideration represents a value of $3.838 per common unit of Navios Midstream based on the closing price of Navios Acquisition’s shares as of June 28, 2018.
 
The proposed transaction is expected to be a tax-free exchange to Navios Midstream’s unit holders for US federal income tax purposes.
 
The proposed transaction is subject to the negotiation and execution of a definitive agreement, approval of the board of directors of Navios Acquisition and the necessary approvals of the conflicts committee of Navios Midstream under Navios Midstream’s limited partnership agreement. 
 
The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.
 

Logistics News

Puerto Rico Inks LNG Contract with New Fortress Energy

Puerto Rico Inks LNG Contract with New Fortress Energy

Panama Canal Unveils Decade Roadmap of Transformation

Panama Canal Unveils Decade Roadmap of Transformation

Nissen Kaiun Becomes Stakeholder in Econowind

Nissen Kaiun Becomes Stakeholder in Econowind

China's Hold on Global Ports focus of Trump Administration

China's Hold on Global Ports focus of Trump Administration

Subscribe for Maritime Logistics Professional E‑News

Trump names board to mediate New York rail dispute
United Airlines CEO rejects bid for Spirit Airlines
Drone attacks on Russia could lead to a reduction in oil production, as Russia's output is expected to remain stable.