Overseas Shipholding Group Increased Tender Offer For Common Units Of OSG America (OSG,OSP)

9/24/2009 - Overseas Shipholding Group Inc. (NYSE:OSG) said Thursday that it increased the tender offer price for common units of OSG America L.P. (NYSE:OSP) by 28% to $10.25 per unit. The initial offer was for $8.00 per unit, but the increase represents approximately a 44% premium over the closing price of the units on July 29, which was the last full trading day prior to the original offer. The offer is expected to begin in October. OSG and its affiliates own roughly 53.3% of OSG America's common units. Their equity stake, which includes subordinate units and a general partner interest, is roughly 77.1%. The company said in a statement that its decision to increase the offer price follows discussions between the company and a committee of independent directors of OSG America to review the offer. The revises price is considered fair to common unitholders.

Write to Chip Brian at cbrian@tradethetrend.com

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