OSLO, April 27 (Reuters) - Tanker operator Frontline is heading to court again as part of its efforts to gain full control of rival DHT Holdings, days after it made a fifth offer for the company.
Frontline, controlled by billionaire investor John Fredriksen and owner of a 14.5 percent stake in DHT, has over the past year tried to acquire all of DHT’s shares.
On Tuesday it made another all-share offer - 0.8 of a Frontline share for each DHT share - and set a 24-hour deadline for DHT to respond.
DHT has not accepted Frontline’s latest offer and so Frontline said on Thursday it had filed a complaint in the Marshall Islands, where DHT is incorporated.
“Frontline has today filed a complaint ... to immediately enjoin portions of the unfair transaction documents into which DHT has entered” with BW Group, Frontline said in a statement, referring to DHT’s top shareholder which owns a 34.28 percent stake.
“We continue to urge the Board of DHT to negotiate in good faith with Frontline over its proposed offer, and not to contravene their duties to DHT’s shareholders,” it said.
After Frontline’s March offer, DHT struck a deal with privately owned BW Group, led by shipping tycoon Andreas Sohmen Pao.
The surprise move had been expected to end Frontline’s ambitions, despite an attempt by Frontline to stop the deal in court in the United States. (Reporting by Gwladys Fouche; editing by Jason Neely)