CMB.TECH (CMBT) said late Tuesday it signed a term sheet for a stock-for-stock merger of its subsidiary CMB.TECH Bermuda with Golden Ocean Group (GOGL).
The merger is structured at an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean, according to a statement.
The companies added that they plan to enter a definitive merger agreement in Q2 and aim to complete the transaction in Q3.
Roughly 95.96 million new shares of CMB.TECH will be issued upon the close of the merger, and the company's shareholders would hold 70% of the total shares of the combined company, the companies said.
Golden Ocean would delist from Nasdaq and CMB.TECH will pursue a secondary listing on the Euronext Oslo Bors upon deal close, as per the release.
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