MSC pushes ahead with Gram Car Carriers takeover

SAS Shipping Agencies Services Sàrl (SAS), a subsidiary of MSC Mediterranean Shipping Company SA, has launched a recommended voluntary cash offer to acquire all issued and outstanding shares of Gram Car Carriers ASA (GCC).

GCC, the third-largest tonnage provider in the Pure Car Truck Carriers segment, operates 17 vessels and offers comprehensive logistics solutions.

The offer, unanimously supported by GCC’s board of directors, was revealed last month in a potential deal valued at approximately NOK7.6 billion (US$700 million).

The offer sets the price at NOK 263.69 per share and the price represents a significant premium over various past trading prices, reflecting SAS’s strong commitment to this acquisition.

The offer period begins today at 09:00 CEST and will run until 16:30 CEST on 26 June 2024, with a potential extension up to 5 August 2024. Shareholders who received a Q1 dividend of NOK 9.00 per share will see total cash proceeds of NOK 272.69 per share if they tender their shares in the offer.

Key shareholders, including the board and executive management, have pledged to accept the offer, representing approximately 56.20% of the shares. The largest shareholders, holding 54.89%, have given irrevocable undertakings to accept.

GCC previously disclosed that MSC plans to continue GCC’s operation ”as is” under the same name and organisation.

MSC aims to leverage its extensive global network to enhance GCC’s operations. The offer coincides with very buoyant market conditions in the car-carrying segment, with car sales poised to surpass pre-Covid levels and a significant shortage of capacity expected to persist for at least the next couple of years.