Navios Maritime Holdings Inc. (NM)

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DryShips buys more of Ocean Rig to pave way for tender offer
Friday April 25, 8:07 am ET
DryShips buys additional shares in Ocean Rig ASA to clear the way for its pending tender offer


NEW YORK (AP) -- Greek drybulk shipper DryShips Inc. said Friday it has purchased 28.5 million additional shares in Norwegian offshore drilling services company Ocean Rig ASA, clearing the way for its pending tender offer.
DryShips said Tuesday it plans to launch a tender offer for Ocean Rig, after buying a majority stake. The company aims to garner tender offer approval by Ocean Rig shareholders in early June.

The company's total stake is now 71 percent, including a 4.4 percent stake held by DryShips Chairman and Chief Executive George Economou.

The stake gives the company effective power over matters that require shareholer approval such as the election of directors, asset buys or sales and possibly taking the company private.

DryShips will also have the power to approve major financial proposals for Ocean Rig such as setting dividends and issuing securities.