MC Shipping shareholders say yes to merger with Bear Stearns affiliate

By Lisa Kerner

Charlotte, N.C., Sept. 5 - MC Shipping Inc. said about 97.5% of its common shares present and voting, or some 75.12% of shares entitled to vote, approved the company's merger agreement with a Bear Stearns Merchant Banking affiliate at a special meeting held on Wednesday.

Mast Acquisition Ltd., a newly formed affiliate, will acquire the outstanding shares of MC Shipping for $14.25 per share in cash.

MC Shipping expects to complete the merger within five business days, a company news release stated.

On July 31, MC Shipping agreed to be acquired in the all-cash transaction, which is valued at about $284 million including debt.

It was previously reported that principal shareholders Navalmar Transportes Maritimos LDA and Weco-Rederi Holding A/S, together owning about 53% of the company's common stock, would sell their shares to Bear Stearns for the same $14.25-per-share consideration.

DnB NOR Markets and Milbank, Tweed, Hadley & McCloy LLP advised MC Shipping. Bear Stearns was advised by HSBC Securities (USA) Inc., Poten Capital Services, LLC and Weil, Gotshal & Manges LLP.

MC Shipping is a shipping company focused on maritime transportation of liquefied petroleum gas. The company is based in Monaco with an office in London.

Bear Stearns Merchant Banking is the private equity affiliate of the Bear Stearns Cos. Inc.

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