General Maritime and Navig8 Crude (N-OTC: BLUE) entered into a definitive agreement to create Gener8 Maritime Inc. (“Gener8 Maritime” or the “Company”), a world-class provider of international seaborne oil transportation services. Under the terms of the agreement, General Maritime and Navig8 Crude will merge to create a company with a fleet valued at over $3.0 billion in a stock-for-stock transaction.
Pursuant to the agreement, following the close of the transaction and subject to certain limitations, the existing General Maritime shareholders will own 52.55% and Navig8 Crude shareholders will own 47.45% of the pro forma issued and outstanding common stock of Gener8 Maritime. It is anticipated that the existing General Maritime management team will remain in place and two key members of Navig8 Crude are expected to become senior consultants to the Board of Directors and the management team.
The newly formed Board of Gener8 Maritime will include equal representation from both General Maritime and Navig8 Crude’s shareholders. The transaction is expected to close in the first half of 2015, subject to approval by the shareholders of each company and customary closing conditions. The Kramer Levin team was led by Corporate partners Thomas E. Molner and Terrence L. Shen and included Corporate partner Abbe L. Dienstag, Litigation associate Jeffrey Taylor, Corporate associates Jeffrey H. Taub, Gregory C. Scott, Yael Steiner, Tax partner Barry Herzog, Tax associate Jason Tomitz and Employee Benefits special counsel Avram J. Cahn.
Source: www.kramerlevin.com
