International Seaways and Diamond S to close merger on Friday
Shareholders formally approve International Seaways share issuance in order to conclude all-stock deal.
The merger between International Seaways and Diamond S is set to conclude on Friday in a $2.2bn all-stock deal after International Seaways’ shareholders approved a procedural share issue.
In statement on Tuesday, International Seaways said: “The closing of the merger remains subject to the satisfaction or waiver of other customary closing conditions. The merger is expected to close on or about July 16.”
The merger will see International Seaways chief executive Lois Zabrocky and chief financial officer Jeff Pribor lead the management team.
Craig H Stevenson Jr and his team will stand down, although Stevenson will have a place on the board and collect $500,000 to advise the new management for six months.
