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BRIEF-Frontline reiterates case for DHT takeover despite rejection
February 9, 2017 / 1:52 PM / 7 months ago

BRIEF-Frontline reiterates case for DHT takeover despite rejection

Feb 9 (Reuters) - Frontline Ltd said in a statement:

* Acknowledges that the Board of DHT Holdings has publicly rejected the company’s proposal to effectuate a business combination between the Company and DHT

* Believes a combination of Frontline and DHT would be better positioned to participate in a market recovery than either company would on a stand-alone basis

* Says we believe that our offer to DHT shareholders is highly compelling since it provides a meaningful upfront premium, while also giving all shareholders the opportunity to realize the full benefit of the significant synergies and attractive upside that a combined company would create

* Says rather than engaging in discussions with Frontline with the aim of achieving the highest possible offer to create maximum shareholder value, the Board of Directors of DHT adopted a one-year shareholder rights plan and has since continued to refuse to enter into any discussions

* Says DHT also stated that the proposed offer represented an opportunistic attempt to acquire DHT at a low point in the cycle, which Frontline finds irrelevant given the all-share offer

* Frontline still holds a 16.4 percent stake in DHT Source text for Eikon: Further company coverage: (Reporting By Camilla Knudsen)

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