BW LPG increases US$1.1 billion all-stock proposal to combine with Dorian

KUALA LUMPUR, July 10 (Bernama) -- BW LPG Ltd (BW LPG) -- the world's leading owner and operator of LPG vessels -- increased its all-stock proposal to combine with Dorian LPG Ltd (Dorian) in a transaction valued at US$1.1 billion or RM 4.41 billion. (1US$ = RM 4.01) Chief executive officer at BW LPG, Martin Ackermann said by increasing the offer at this time, they are reaffirming BW LPG's belief that this transaction will deliver significant value to both companies' stakeholders. Dorian shareholders would receive 2.12 BW LPG shares for each Dorian share. BW LPG also announced to nominate qualified individuals to stand for election to Dorian´s board of directors at Dorian´s 2018 annual meeting of shareholders, a statement said. The revised proposal represents a premium of 25 per cent to the closing Dorian share price on May 25, 2018, the last trading day prior to the announcement of BW LPG´s initial proposal of US$6.96 or RM 27.91 per share. The combination of BW LPG and Dorian would create significant benefits to stakeholders of both companies including a combined fleet with better geographical coverage that will enable customers to receive improved utilization, scheduling and positioning. Dorian and its shareholders would benefit from significant synergies, increased market capitalisation and a stronger credit profile that would translate into additional earnings and cash flow accretion for Dorian shareholders. BW LPG has four decades of operating experience in LPG shipping and experienced seafarers and staff. The company offers a flexible and reliable service to customers. More information at www.bwlpg.com. -- BERNAMA