M&A · Industrials · Deep Sea Foreign Transportation of Freight
Saltchuk Resources, Inc. to acquire Overseas Shipholding Group Inc
Announced May 20, 2024 · Closed Jul 10, 2024
Deal value$950MEV $934M
Premium44.0%To unaffected price
EV / Adj. EBITDA5.5x1.7x EV / Revenue
ConsiderationAll cash$8.50 per share
Transaction
- Acquirer
- Saltchuk Resources, Inc.
- Target
- Overseas Shipholding Group Inc
- Buyer type
- Strategic
- Offer price per share
- $8.50
- Enterprise value
- $934M
- Status
- Closed Jul 10, 2024
Deal protections
- Break fee (target pays)
- $19.6M · 2.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore
- Evercore fee
- $11.1M
Sector context · Industrials
- Comparable deals
- 80 in the prior 24 months
- Premium
- 44.0% vs. 40.0% sector median
- EV / Adj. EBITDA
- 5.5x vs. 10.2x sector median
- Break fee
- 2.1% vs. 2.8% sector median
Timeline
- AnnouncedMay 20, 2024
- Tender offerJun 10, 2024
- ClosedJul 10, 2024
Valuation · fairness opinions
Discounted cash flow$5.86$10.65
Trading comparables$6.10$11.09
Trading comparables$6.91$12.30
Precedent transactions$7.78$17.10
Premiums paid$7.08$8.26
Offer $8.50
Implied value per Overseas Shipholding Group Inc share by analysis, from Evercore · DCF discount rate 10%–11%.