EnTrust strikes deal on cash offer for Belships

US asset management firm EnTrust Global is set to launch a voluntary cash tender offer to take over Norwegian bulker owner Belships. 

Blue Northern, a special purpose vehicle formed by funds managed by the Blue Ocean maritime investment team at EnTrust, will offer NOK20.50 per share in cash for all issued and outstanding shares in the ultramax specialist. 

The bid values Belships at NOK 5.182bn ($452m), representing a premium of nearly 30% compared to the company’s closing price on Thursday.

Shareholders, involving members of the board and management, who collectively own 61.2% of the outstanding shares in Belships, have already accepted the offer. They include Frode Teigen, the company’s largest shareholder; chairman Peter Frølich; and CEO Lars Christian Skarsgård.

Teigen owns 53.9% of the shares in the Oslo-listed company he took control of six years ago via his investment vehicles Kontrari and Kontrazi. 

Belships has 42 bulk carriers on a fully delivered basis, with 12 ultramaxes joining the fleet between 2025 and 2028.

“This acquisition will allow the Blue Ocean team to continue the growth of its maritime investment portfolio through an investment in an attractive and versatile platform with a modern fleet,” said Svein Engh, senior managing director and portfolio manager of EnTrust.

The acceptance period for the offer should start by January 24 next year and remain open for at least 20 business days. EnTrust intends to close the transaction in the first or second quarter of 2025, after which Belships should be delisted from the Oslo Stock Exchange.