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BW LPG sends new merger plea to rival Dorian

"We were surprised that Dorian’s Board of Directors rejected our proposal without giving us the opportunity to engage in a discussion," says BW LPG Chief Executive Martin Ackermann.

Photo: BW LPG

Gas shipping company BW LPG has sent an open letter to the board of directors at rival Dorian LPG with a plea to accept the proposed takeover bid which would see the latter's shareholders get close to two shares in BW LPG for each Dorian share.

"The overall market response has been positive and reflective of the significant benefits of the proposed combination, including the creation of a leading VLGC player, significant synergies, increased market capitalization, cash flow accretion, liquidity for Dorian shareholders, and a stronger credit profile," writes BW LPG in the open letter.

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