SAS Shipping Acquires Gram Car Carriers for $700 Million

Pure car and truck carrier in port
SAS Shipping Agencies Services, owned by MSC Mediterranean Shipping Company, is set to acquire Gram Car Carriers (GCC) for $700 million. With a premium of 28.3% over the share price, GCC's Board of Directors recommends shareholders accept the offer. SAS aims to maintain operations under the same name for continuous high-quality service.
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SAS Shipping Agencies Services, a subsidiary of MSC Mediterranean Shipping Company, is acquiring Norway-based Gram Car Carriers in a deal valued at $700 million. The cash offer of NOK 263.69 per share includes a dividend of NOK 9.00 for the first quarter of 2024, totaling NOK 272.69 per share and representing a 28.3% premium over the closing price on April 23.

GCC’s Board of Directors unanimously recommend accepting the offer, as it was deemed fair and in the best interests of the company, shareholders, and employees. Over half of the shareholders, including board members and management, have committed to accepting the offer. SAS plans to continue operations under the GCC name to provide uninterrupted service to customers.

Chairman Ivar Myklebust praised GCC’s 40-year history and successful long-term strategy since its listing in 2022. The board sees the offer from a leading shipping group as a validation of GCC’s position in automotive tonnage and is confident it reflects a fair valuation of the company. Myklebust recommends shareholders accept the offer.

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