Stelios to back $843 mln takeover bid for Stelmar

LONDON (Reuters) – Entrepreneur Stelios Haji-Ioannou agreed on Wednesday to back a $843 million takeover of Stelmar Shipping Ltd, the Greek shipping company he founded before striking gold with budget airline easyJet. Haji-Ioannou, who has taken his «easy» brand into markets from car rental to financial services, said he would back a $48 per share offer from shipbuilder Overseas Shipholding Group Inc at a shareholder meeting in New York on Jan. 20. Haji-Ioannou founded Stelmar in 1992 and with his family owns about 20 percent of the business. He was instrumental in scuppering a previous takeover attempt. «The time has come for me to move on and focus into what I consider to be my core competence, which is branding,» Haji-Ioannou said in a statement. US-based Stelmar agreed last month to be acquired by OSG after two previous bids for the company failed. Haji-Ioannou led shareholder opposition to an earlier, $703 million cash buyout by private equity firm Fortress Investment Group LLC. Stelmar management rejected an unsolicited stock bid, initially worth $562.8 million, from Connecticut-based OMI Corp in May last year.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.