Simpson Thacher Represents Overseas Shipholding Group, Inc. in its Tender for the Public Units of OSG America L.P.
07.30.09
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Simpson Thacher is representing Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services and one of the largest tanker companies in the world, in connection with its recently announced tender offer for the publicly held common units of OSG America L.P. (OSG America; NYSE: OSP) for $8.00 in cash per unit. OSP is the largest operator of U.S. Flag product carriers and ocean-going barges transporting refined petroleum products. The tender offer is expected to commence in late August and is a "going private transaction" subject to Rule 13e-3 under the U.S. Securities Exchange Act of 1934. Following the completion of the tender offer, OSG expects to acquire any remaining units not tendered through the exercise of a repurchase right contained in the partnership agreement. OSG and its affiliates currently own about 53.3% of the outstanding common units of OSP.
The Simpson Thacher team for the transaction includes Gary L. Sellers, Joel Karansky, Ryan Gavin and Yu Wang (M&A) and Jonathan Cantor and Aaron Cohen (Tax).