NEW YORK (AP) – Stelmar Shipping Ltd., a Greek-based oil transporter, Monday said it has agreed to be acquired by affiliates of Fortress Investment Group LLC about $677 million.
Fortress, which is based in New York, is an investment firm with about $10 billion under management.
Stelmar, which operates 41 oil tankers, said the $38.55-a-share purchase price represents a 55 percent premium over the share closing price on May 14, the last trading day before tanker owner and operator OMI Corp. of Stamford, Conn., announced it was seeking to merge with Stelmar.
Stelmar’s board refused to hold talks with OMI, and the bid was abandoned, despite the support of Stelmar founder Stelios Haji-Ioannou. He and his family own 27 percent of the company.
The price to be paid by Fortress also represents a premium of 8 percent over the closing price of Stelmar’s stock Friday. The stock finished at $35.55 on the New York Stock Exchange.
Stelmar’s shares closed Monday at $38.15, up $2.60, or 7.3 percent.
The transaction is expected to close during the fourth quarter.
Haji-Ioannou founded Stelmar in 1992. He stepped down as chairman in 2002. He and his family founded British-based easyGroup, which operates a cut-price airline, car rentals and Internet cafes.