Eagle Bulk Shipping Inc. (NYSE: EGLE) has announced that its shareholders have approved a merger with Star Bulk Carriers Corp. The voting results at the special meeting indicate that approximately 65% of the company’s outstanding shares were voted in favor of the merger proposal, with approximately 99% of the shares of common stock present at the special meeting in favor of the proposal.
Additionally, approximately 96% of the votes cast were in favor of the convertible note share issuance proposal.
Under the terms of the merger agreement, each share of Eagle's common stock issued and outstanding immediately prior to the effective time will be cancelled in exchange for the right to receive 2.6211 shares of common stock of Star Bulk, par value $0.01 per share, and any cash payable in respect of fractional shares.
The company expects to complete the merger on or about April 9, 2024, subject to the satisfaction of the remaining closing conditions.
Eagle Bulk Shipping Inc. is a U.S.-based, fully integrated shipowner-operator, providing global transportation solutions to a diverse group of customers. The company focuses exclusively on the versatile midsize dry bulk vessel segment and owns one of the largest fleets of supramax/ultramax vessels in the world. Headquartered in Stamford, Connecticut, Eagle performs all management services in-house and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. The market has reacted to these announcements by moving the company's shares -0.1% to a price of $62.33. For the full picture, make sure to review Eagle Bulk Shipping's 8-K report.
