Greek ferry company Attica Holdings is to takeover rival ferry company ANEK.
Attica’s largest creditors and ANEK shareholders representing 57.7% of the total share capital have agreed to the deal.
The exchange will consist of one common or preferred ANEK share for 0.1217 new common registered shares in Attica and a payment of about €80 mill representing the full repayment for ANEK’s loan to its creditors.
This agreement was sent on 20th September by the legal advisers to the representatives of the contracting parties for signing, Attica said.
Each company’s Board will be convened in accordance with Greek law and their articles of association to decide on the startup and criteria of the merger process.
An independent advisor will submit a report on due diligence and then the merger terms will be submitted for approval by the two companies general shareholders meetings.
Attica said that the merger will benefit shareholders, employees and suppliers of the two companies and the Greek passenger shipping sector in general.