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Slideshow Mergers & Acquisitions

By The Online Investor Staff, updated Fri., Apr. 19, 5:27 AM

Slide #78. Eagle Bulk Shipping Inc. Star Bulk Carriers Corp.

Acquirer: Eagle Bulk Shipping Inc. (NASDAQ:EGLE)
Acquiree: Star Bulk Carriers Corp.
Details: Eagle Bulk Shipping Inc. (NYSE: EGLE) ("Eagle" or the "Company") today announced that its shareholders voted in favor of (1) a proposal to approve and authorize the previously announced Agreement and Plan of Merger, dated December 11, 2023 (the "Merger Agreement"), entered into by and among Star Bulk Carriers Corp. ("Star Bulk"), Star Infinity Corp. ("Merger Sub") and the Company and the merger contemplated thereby (the "Merger Proposal") and (2) a proposal to authorize and approve the issuance of shares of the Company's common stock, $0.01 par value per share (the "Common Stock"), issuable upon the potential future conversion of the Company's 5.00% Convertible Senior Notes due 2024 in excess of the conversion share cap set forth in the Indenture, dated as of July 29, 2019, between the Company and Deutsche Bank Trust Company Americas (the "Convertible Note Share Issuance Proposal") at its special meeting of shareholders (the "Special Meeting") held earlier today.

Eagle Bulk Shipping is a holding company. Through its subsidiaries, Co. is engaged in the ocean transportation of drybulk cargoes through the ownership, charter and operation of drybulk vessels. Co.'s fleet is comprised of Supramax and Ultramax drybulk carriers. Co. provides transportation solutions to a group of customers, including miners, producers, traders, and user. Typical cargoes Co. transports include both primary bulk cargoes, such as iron ore, coal and grain coal, grain, and iron ore, and minor bulk cargoes such as fertilizer, steel products, petcoke, cement, and forest products. Co.'s vessels are equipped with cargo cranes and cargo grabs.

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Company Name:  Eagle Bulk Shipping Inc
Website:  www.eagleships.com
Sector:  Shipping
 

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April 19, 2024    5:27 AM Eastern
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Buy (2.57 out of 4)
100th percentile
(ranked higher than approx. 100% of all stocks covered)

Analysts' Target Price:
EGLE Stock Forecast

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