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Eagle Bulk Shipping Inc. (NYSE:EGLE) shares are trading higher Tuesday after the company announced that it will combine with Star Bulk Carriers Corp. (NASDAQ:SBLK) in an all-stock merger.
What To Know:
Eagle Bulk Shipping and Star Bulk Carriers announced after the market close on Monday that the companies have entered into a definitive agreement to combine in an all-stock merger.
Under the terms of the agreement, Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned, representing a total consideration of approximately $52.60 per share.
Gary Vogel, Eagle Bulk Shipping CEO, said, "We are very excited to be joining forces with Star Bulk, uniting two best-in-class companies, both commercially and operationally."
"We are bringing together two highly complementary organizations and are confident that this accretive merger with Star Bulk will unlock significant value for Eagle shareholders, including the opportunity to participate in the long-term upside of the combined company."
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EGLE Price Action: According to Benzinga Pro, Eagle Bulk Shipping shares are up by more than 9% at $50.48 at the time of publication.
Image: Franz Bachinger from Pixabay
