GasLog Ltd. (NYSE: GLOG) disclosed that it has signed a merger deal with BlackRock’s Global Energy & Power Infrastructure team (GEPIF). As per the deal, GasLog’s all outstanding ordinary stock will be purchased by GEPIF for $5.80 in cash per ordinary stock.
The $5.80 per stock buying price demonstrated a 17% payment to the closing price of GasLog’s ordinary stocks on February 19, 2021, and a 22% payment to the volume-weighted average stock price of GasLog’s ordinary stocks over the last 30 days.
After the execution of the deal, the Rolling stockholders will own nearly 55% of the outstanding ordinary stocks of GasLog, and GEPIF will own nearly 45%. Shortly after the execution of the deal, the ordinary stocks of GasLog will halt the trading of NYSE. GasLog disclosed that its stockholders and other independent advisor have confirmed that this deal is in the best interest of the firm. A
After the suggestion of a special committee, the Boards of Directors of the firm also gave the authorizations regarding this deal. This transaction will be the new accomplishment of GasLog. The merger deal is anticipated to execute in the Q2 of 2021 after obtaining the consent of the investors of GasLog at an extraordinary meeting and the fulfillment of certain necessary conditions.
Furthermore, it has been revealed that the preference stocks of GasLog, as well as the ordinary and preference units of GasLog Partners LP, are anticipated to remain outstanding and proceed to trade on the NYSE quickly after the execution of the deal.