December 21, 2017 / 7:26 AM / 9 months ago

BRIEF-Euronav And Gener8 Maritime Announce Merger Agreement‍​

Dec 21 (Reuters) - EURONAV NV:

* AND GENER8 MARITIME, INC. ANNOUNCE MERGER AGREEMENT‍​

* GENER8 WOULD BECOME A WHOLLY-OWNED SUBSIDIARY OF EURONAV

* - 0.7272 EURONAV SHARES ISSUED FOR EACH SHARE OF GENER8

* - ISSUANCE OF APPROXIMATELY 60.9 MILLION NEW EURONAV SHARES TO GENER8 SHAREHOLDERS.

* EXCHANGE RATIO IMPLIES A PREMIUM OF 35% PAID ON GENER8 SHARES BASED ON THE CLOSING SHARE PRICES ON 20 DECEMBER 2017

* - EXCHANGE RATIO IMPLIES A PREMIUM OF 35% PAID ON GENER8 SHARES

* - MERGER WILL RESULT IN EURONAV SHAREHOLDERS OWNING ABOUT 72% OF THE ISSUED SHARE CAPITAL OF THE COMBINED ENTITY

* EURONAV AS THE COMBINED ENTITY WILL REMAIN LISTED ON NYSE AND EURONEXT

* EXPECT MERGER TO ALLOW EURONAV TO RETAIN THE SAME DISCIPLINED DIVIDEND POLICY FOR THE COMBINED ENTITY

* CARL STEEN, PADDY RODGERS AND HUGO DE STOOP WILL REMAIN RESPECTIVELY CHAIRMAN OF THE BOARD, CEO AND CFO OF THE COMBINED ENTITY

* EURONAV NV BOARD HAS UNANIMOUSLY APPROVED TRANSACTION AND MERGER DOES NOT REQUIRE APPROVAL OF EURONAV'S SHAREHOLDERS Source text : bit.ly/2BIyjUP Further company coverage: (Gdynia Newsroom)

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