Eagle Bulk Shipping (Buy, TP: USD48.00) - Star Bulk offers USD52.3/share
Eagle Bulk, together with Star Bulk, yesterday announced a definitive agreement to combine in an all-stock merger by issuing 2.6211 Star Bulk shares for each Eagle Bulk share. The consideration equates to a 13% premium to Eagle Bulk’s closing price, while the combined entity would eye at least USD50m in annual synergies. Based on the proposed terms, we see ~12% upside potential to Eagle Bulk on the announcement prior to any market reaction in the Star Bulk shares.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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