Overseas Shipholding Group Inc. has a definitive agreement to acquire Maritrans Inc., one of the Tampa Bay area’s largest public companies, for $455 million.
Terms call for New York-based Overseas Shipholding (NYSE: OSG) to acquire Maritrans in an all-cash transaction for $37.50 a share, a 47 percent premium over Maritrans’ closing price of $25.50 on Sept. 22.
OSG also will assume Maritrans’ debt outstanding as of June 30, according to a release from the companies. OSG will finance the deal through a combination of available cash and borrowings under existing credit facilities, the release said.