Acquisition Increases Seaspan’s Long-Term Control of Technical, Administrative and Strategic Expertise
HONG KONG, CHINA — (MARKET WIRE) — 12/13/11 — Seaspan Corporation (NYSE: SSW) today announced that it has entered into a binding memorandum of understanding to acquire Seaspan Management Services Limited (the “Manager”) in a stock-based transaction valued at $54 million, excluding potential balance sheet adjustments and future fleet growth-based payments. Additionally, as part of this transaction, Seaspan will acquire and retire 100% of its outstanding Class C Common Stock held by the owners of the Manager. The transaction, which was approved by Seaspan Corporation’s Conflicts Committee comprised of independent directors, is expected to close near the end of January 2012 and remains subject to negotiation of final documentation and customary closing conditions. Continue reading