Dikuch/iStock via Getty Images
Frontline (NYSE:FRO) +15.4% after-hours Monday following the termination of its $4B merger agreement with rival oil tanker owner Euronav (NYSE:EURN), which is -18.6% after-hours.
Frontline (FRO) said it will no longer pursue a combination with Euronav (EURN) and will not make a voluntary conditional exchange offer for all outstanding Euronav shares; it provided no reason for scuttling the deal.
“Frontline will with its efficient operations continue to capture value as this cycle unfolds, and remain focused on maximizing dividend capacity per share,” CEO Lars Barstad said.
Major shareholder Saverys Group, which raised its stake in Frontline (FRO) to ~25%, was opposed to the deal since it was first announced last July.
Image and article originally from seekingalpha.com. Read the original article here.