Lou has followed the markets for more than two decades, developing extensive contacts including industry leaders, consultants, regulators, and labor representatives. When not arguing on Twitter or writing about the markets, Lou spends his free time out in nature, complaining online about the Baltimore Orioles or Watford FC, or listening to early 1990s alt rock. Matters discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Action Alerts PLUS is a registered trademark of TheStreet, Inc. © 2020 TheStreet, Inc. All rights reserved. Earnings Announcement for Period Ending Q3/2020. The dry bulk shipping company based in Athens DryShips Inc. will be acquired by SPII Holdings Inc. a company controlled by George Economou, under which SPII … Market data powered by FactSet and Web Financial Group. Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the conditions to the completion of the Merger not being satisfied, the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, the strength of world economies and currencies, general market conditions, including changes in charter rates, utilization of vessels and vessel values, failure of a seller or shipyard to deliver one or more vessels, failure of a buyer to accept delivery of a vessel, the Company’s inability to procure acquisition financing, default by one or more charterers of the Company’s ships, changes in demand for drybulk, oil or natural gas commodities, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydockings, changes in the Company’s voyage and operating expenses, including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations, changes in the Company’s relationships with the lenders under its debt agreements, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, international hostilities and political events or acts by terrorists. Investor Relations / Media Nicolas BornozisCapital Link, Inc. (New York)Tel. According to the company, SPII Holdings, a company overseen by DryShips CEO George Economou, will purchase the shares it does not already own, with the value set at $5.25 a share in cash. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. © 2020 Verizon Media. On Friday, DRYS stock closed at $3.83, which means the purchase price of … The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with such safe harbor legislation. "The board of directors of the company has formed a special committee consisting solely of disinterested directors to consider the proposal," DryShips said in a statement. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. The Athens, Greece-based company said it has received a nonbinding offer from SPII Holdings, which is controlled by Economou. Even after the Thursday bump, shares of DryShips still trade below where they were as recently as late April. The company, which operates a fleet of 32 dry bulk and crude carriers, was down more than 40% year to date prior to this disclosure on concerns about the impact of tariffs and trade wars on global shipping. Returns as of 09/24/2020. Of those shares voted, a total of 76,883,695 shares, or approximately 98.8% of the shares voted, were cast in favor of the proposal to authorize and approve the Merger Agreement, including 4,462,180 shares that are unaffiliated with SPII, or approximately 82.5% of the shares voted that are unaffiliated with SPII. Orrick, Herrington & Sutcliffe LLP is acting as legal counsel to SPII. Suite 102 Completion of the Merger is subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. Initial Jobless Claims Unexpectedly Rise to 870,000, 5740 - 2nd Street Southwest The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Canada. It did not disclose the terms of … Before it's here, it's on the Bloomberg Terminal. The Athens, Greece-based company said it has received a nonbinding offer from SPII Holdings, which is controlled by Economou. The SPII offer is nonbinding, and we don't yet know what Economou's group is willing to pay for DryShips. As of October 9, 2019, DryShips Inc. operates a fleet of 32 vessels consisting of (i) 9 Newcastlemax drybulk vessels; (ii) 5 Kamsarmax drybulk vessels; (iii) 6 Panamax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Suezmax tankers; (vi) 3 Aframax tankers; and (vii) 6 Offshore Support Vessels, including 2 Platform Supply and 4 Oil Spill Recovery Vessels.