DHT HOLDINGS, INC. ANNOUNCES RECEIPT OF UNIMPROVED PROPOSAL FROM FRONTLINE
HAMILTON, BERMUDA, April 26, 2017 – DHT Holdings, Inc. (NYSE: DHT) today announced that it has received a proposal from Frontline Ltd. (NYSE/OSE: FRO) to acquire all of the outstanding shares of common stock of DHT in a stock-for-stock transaction. Frontline has proposed a ratio of 0.8 Frontline shares for each share of DHT, which is the same exchange ratio contained in Frontline’s previous proposal of February 24 of this year.
Frontline delivered its proposal letter to Erik Lind, Chairman of the DHT Board, shortly after 4:30 p.m. New York City time, on April 25, and requested a response to the letter by 12:00 p.m., New York City time, on April 26.
“Consistent with its fiduciary duties, DHT’s Board will evaluate the proposal from Frontline,” said Mr. Lind. “While the proposed exchange ratio of 0.8 reflects no improvement from the proposal our Board previously considered and unanimously rejected, our Board will carefully and thoroughly review the offer, taking into account the changes to DHT’s fleet, market conditions and other developments that have occurred over the past two months. I note that, as has been the case with their previous proposals, Frontline is requesting a reply in an unreasonably accelerated timeframe – in this case, less than 24 hours – which does not permit for an appropriate and diligent review by our Board. We will respond in due course.”
Lazard Ltd. is serving as financial advisors to DHT and Cravath, Swaine & Moore LLP is serving as legal counsel.