Knot Offshore Reveals $10 Per Share Acquisition Proposal from Knutsen NYK Offshore Tankers
KNOT Offshore Partners announced earlier that the Board of Directors of the Partnership received an unsolicited non-binding proposal, dated October 31, from Knutsen NYK Offshore Tankers AS pursuant to which KNOT would acquire through a wholly-owned subsidiary all publicly held common units of the Partnership in exchange for $10 in cash per common unit. KNOT has proposed that a transaction would be effectuated through a merger between the Partnership and a subsidiary of KNOT. The Conflicts Committee of the KNOP Board, comprised of only non-KNOT-affiliated directors, will retain advisors and will evaluate the offer. The proposed transaction is subject to a number of contingencies, including the approval by the KNOP Conflicts Committee, the KNOP Board and the KNOT board of directors of any definitive agreement.
