In the premarket trading session, the share price of (OSG stock) was observed to be plunging by -5.64% to trade at the price of $2.51 at last check. The previous session of the OSG stock was recorded to have dropped -0.75% to close Tuesday’s session at $2.66. The stock volume traded was 1.05 million shares. In the past year up to date, OSG shares have jumped by 27.88%, and in the past week, it was observed that the stock has dropped down by -1.12%. In the past three the stock had jumped by 13.68%, while over the past six months, there was an addition of 19.82%. Furthermore, the company is currently valued at $231.07 million and has 90.11 million outstanding shares.

All you need to know about Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. is an Oil & Gas Midstream company that specifically focuses on the transportation of crude oil and petroleum products that are part of the flag trades in United States. OSG stock does its business model of operations through naval and oceangoing vessel channel. Overseas owns a fleet of oceangoing vessels. These vessels are owned by Overseas Shipholding Group as well as its subsidiaries. The company owned 21 vessels’ fleet as of December 2019. This totaled an aggregate of 1 million deadweight tons approximately. The client base that requires services of OSG stock include oil traders, refinery operators, and entities of international as well as specifically United States. Overseas Shipholding Group originated in the year 1948 and is based in Tampa, Florida.

An announced receipt by another party for non-binding intention of acquiring OSG stock

The OSG stock has announced that its common stock shares that are outstanding and issued have been shown an interest to be acquired by another company.  Overseas Shipholding Group stated that this interested company has given a receipt which states that it has given a non-binding nature of intention to acquire all of the issued and outstanding shares of OSG stock. The whole of the common share OSG stock has been offered a price aggregated at $3.00 per share.

The Board of Directors sitting in the OSG office have taken an interest in this proposition and have therefore initiated a strategy to explore avenues, to review and evaluate all alternative options available as a way to compare the offer’s worth. This strategy would encompass the priority to find ways that can increase the value of the shareholder along with the non-binding indication of interest.

A newly deployed and newly formed committee for a special transaction will lead this strategic exploration and process. This committee will have independent actors which are fully supported by the management team of the OSG stock company. The financial advisor chosen for this special transaction by the committee is Evercore. Among the various alternative options that can be explored are sales of all or part of the company, merger, or any other business combination that can involve another party. This could also involve the complete disregarding of the offer if the current and future running and management of the company compares to be more profitable.