US asset management firm EnTrust Global is planning to acquire Norwegian bulker owner Belships through a voluntary cash tender offer. The special purpose vehicle Blue Northern, managed by EnTrust’s Blue Ocean maritime investment team, will offer NOK 20.50 per share for all issued and outstanding shares, valuing Belships at NOK 5.182bn ($452m), a 30% premium over the last closing price.
Shareholders representing 61.2% of Belships, including Frode Teigen (the largest shareholder), chairman Peter Frølich, and CEO Lars Christian Skarsgård, have already accepted the offer. Belships operates a fleet of 42 bulk carriers, with 12 ultramaxes scheduled to join between 2025 and 2028.
The acceptance period for the offer begins January 24, 2025, and will remain open for at least 20 business days. EnTrust plans to close the transaction in Q1 or Q2 2025, after which Belships will be delisted from the Oslo Stock Exchange.
