Navios Maritime Midstream Partners ( NAP ), an owner and operator of tanker vessels, said after markets closed on Monday that it has received a proposal from Navios Maritime Acquisition pursuant to which Navios Acquisition would acquire the publicly held shares of Navios Midstream not already owned by Navios Acquisition in a stock for units exchange.
Navios Acquisition is proposing consideration of 6.292 Navios Acquisition shares for each outstanding publicly held unit of Navios Midstream as part of a transaction that would be structured as a merger of Navios Midstream with Navios Acquisition.
The proposed consideration represents a value of $3.838 per common unit of Navios Midstream based on the closing price of Navios Acquisition's shares as of June 28.
The proposed deal is expected to be a tax-free exchange to Navios Midstream's unit holders for US federal income tax purposes.
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