OSLO, April 27 Tanker operator Frontline
is heading to court again as part of its efforts to
gain full control of rival DHT Holdings, days after it
made a fifth offer for the company.
Frontline, controlled by billionaire investor John
Fredriksen and owner of a 14.5 percent stake in DHT, has over
the past year tried to acquire all of DHT's shares.
On Tuesday it made another all-share offer - 0.8 of a
Frontline share for each DHT share - and set a 24-hour deadline
for DHT to respond.
DHT has not accepted Frontline's latest offer and so
Frontline said on Thursday it had filed a complaint in the
Marshall Islands, where DHT is incorporated.
"Frontline has today filed a complaint ... to immediately
enjoin portions of the unfair transaction documents into which
DHT has entered" with BW Group, Frontline said in a
statement, referring to DHT's top shareholder which owns a 34.28
"We continue to urge the Board of DHT to negotiate in good
faith with Frontline over its proposed offer, and not to
contravene their duties to DHT's shareholders," it said.
After Frontline's March offer, DHT struck a deal with
privately owned BW Group, led by shipping tycoon Andreas Sohmen
The surprise move had been expected to end Frontline's
ambitions, despite an attempt by Frontline to stop the deal in
court in the United States.
(Reporting by Gwladys Fouche; editing by Jason Neely)