(RTTNews) - Frontline plc. (FRO), an oil tanker shipping firm, said it has terminated merger agreement with Euronav, a Belgian oil transporter by sea.
As a result, Frontline will not make a voluntary conditional exchange offer for all outstanding Euronav shares. Frontline will also no longer seek a listing on Euronext Brussels.
In July 2022, Frontline had signed a merger deal with Euronav. The stock-for-stock combination was based on an exchange ratio of 1.45 Frontline-shares for every 1.0 Euronav-share, to create an independent listed oil tanker operator. Based on the Frontline share price $8.34 as of July 8, the proposed exchange rate represented a share value of $12.09 per Euronav share.
Frontline had said the merger would form a company with a market capitalization of over $4 billion and would be listed on Euronext Brussels, OSE, and NYSE upon Tender Offer completion.
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