Horizon Lines to be acquired by Matson and terminates Puerto Rico service

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Horizon Lines today announced it had entered into definitive agreements with Matson Inc and The Pasha Group. Under the Matson agreement, Matson will acquire all outstanding shares of Horizon Lines for $0.72 per share in an all-cash transaction. The acquisition price represents a premium of approximately 89% over Horizon’s closing stock price on November 10, 2014.  The Matson agreement has been unanimously approved by Horizon’s Board of Directors and Horizon shareholders representing 55% of the fully diluted equity, which also ...