Under the deal, entered into on August 18, 2019, SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.
Holders of 77,832,018 shares of the company’s common stock voted in person or by proxy at the special meeting, representing around 89.6% of the total shares of the common stock outstanding and entitled to vote at the meeting. Of those shares voted, a total of 76,883,695 shares, or 98.8% of the shares voted, were cast in favor of the proposal to authorize and approve the merger deal.
Pursuant to the agreement, Sileo Acquisitions, a wholly owned subsidiary of SPII, would be merged with and into the DryShips, with the company continuing as the surviving corporation and becoming a wholly owned subsidiary of SPII.
Upon completion, the merger will result in DryShips becoming a privately held company and its shares will no longer be listed on the Nasdaq Capital Market.
The closing of the transaction is expected to take place on or about October 11, 2019.