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Greek cargo shipper DryShips shares buoyed by acquisition offer

The potential buyer, SPII Holdings, is also run by the shipper’s CEO George Economou

Shipping boat
DryShips owns a fleet of 32 vessels that it operates around the world

DryShips Inc (NASDAQ:DRYS) shares are sailing higher after the shipping company announced it had received an acquisition offer from SPII Holdings.

The potential buyer is also controlled by the Athens-based shipper’s CEO, George Economou. The move, if completed, would fold in DryShips as a subsidiary of SPII.

Investors are confident in the arrangement, sending the share price 24% higher to $3.92 Thursday morning.

READ: Greek cargo shipper DryShips reports 1Q net income of $1.5 million; stock jumps

The company’s board has formed a special committee of disinterested directors to evaluate the offer.

DryShips owns a fleet of 32 vessels that it operates around the world, including dry bulk shipping vessels, tankers and offshore support vessels.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: DryShips

Price: 5.24 USD

NASDAQ:DRYS
Market: NASDAQ
Market Cap: $455.29 m
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