Hapag-Lloyd's box tracker will 'close logistics blind spots'
With two-thirds of its 2.9m teu container fleet fitted with Orbcomm and Nexxiot tracking devices, ...
ORBCOMM said earlier this week that the takeover by GI Partners is on track to close in the second half of 2021.
Announcing the expiration of the 30-day “go-shop” period “under the terms of the merger agreement between ORBCOMM and GI Partners, (…) which was previously announced on April 8, 2021”, it said that “no alternative acquisition proposals were received by ORBCOMM during the ‘go-shop’ period”.
“Pursuant to the merger agreement, during the ‘go-shop’ period, ORBCOMM, with the assistance of PJT Partners and Raymond James, ORBCOMM’s financial advisors, actively solicited alternative acquisition proposals from third parties that they believed might be interested in a possible alternative transaction.
“During this process, ORBCOMM, PJT Partners and Raymond James engaged with more than 50 parties. ORBCOMM is now subject to customary “no-shop” restrictions that limit its and its representatives’ ability to solicit alternative acquisition proposals from third parties, subject to customary ‘fiduciary out’ provisions.”
The transaction is subject to the satisfaction of customary closing conditions, including approval by ORBCOMM stockholders and the receipt of required regulatory approvals. Upon completion, ORBCOMM will become a privately-held company, and its common stock will no longer be listed on the Nasdaq.
'I'm scared', says Boeing whistleblower, after two others suffer mysterious deaths
DSV could face $16m bill after helicopter is written off in haulage accident
Déjà vu as major ocean carriers scramble for tonnage and containers
FAK rate hikes holding, with strong demand into peak season predicted
Indian trade disrupted as port congestion forces liner services to skip calls
Shipper frustration as spot rates rise alongside demand, and cargo is rolled
Don't get too confident for Q2, market risks haven't disappeared, warns Yang Ming chief
Comment on this article