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BW's protracted acquisition attempt cost Dorian millions

Protracted negotiations between BW LPG and Dorian LPG were an expensive affair for the latter, which spent millions on banks and lawyers, revealed Dorian in its quarterly report.

Photo: Dorian LPG

For almost six months, Dorian LPG was an acquisition target for its competitor BW LPG. Months of negotiations did not result in a deal, and these proved costly for Dorian LPG, according to the company's third quarterly report, which ended at the turn of the year, because the company operates under an alternative fiscal year. 

Dorian LPG revealed in the report that negotiations – for example with investment banks and lawyers – cost the company USD 7.8 million. This amount is significantly higher than what Dorian had previously announced. In Dorian's second quarterly report, the company revealed that the negotiations with BW LPG thus far cost only USD 1.7 million.

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