Overseas Shipholding gets $6.25 per share acquisition bid from Saltchuk

Overseas Shipholding Group confirmed that OSG‘s Board of Directors received an unsolicited non-binding indication of interest from Saltchuk Resources or Saltchuk for the acquisition of all of the outstanding shares of the Company that Saltchuk does not already own for $6.25 per share in cash. OSG’s Board of Directors is committed to acting in the best interests of all stockholders. Consistent with its fiduciary duties, OSG’s Board of Directors will be carefully considering and evaluating, in consultation with its financial and legal advisors, this indication of interest in due course. OSG stockholders do not need to take any action at this time. OSG cautions its stockholders and others considering trading in its securities that it has just received Saltchuk’s unsolicited indication of interest, and no decisions have been made by the Board of Directors with respect to the Company’s response to the indication of interest. There can be no assurance that any definitive proposal will be made or accepted, that any agreement will be executed or that any transaction will be consummated. The Company does not intend to comment further on the unsolicited indication of interest or any related matters until its Board of Directors has determined that disclosure is necessary or appropriate.