The decision comes due to “Dorian’s continued refusal to give a meaningful response to BW LPG’s outstanding proposal, engage in constructive two-way discussions, or schedule its annual meeting,”BW LPG said in a statement.
In connection with the withdrawal of its offer, BW LPG will also withdraw the candidates it previously intended to nominate to stand for election to the Dorian board at Dorian’s 2018 Annual Meeting of Shareholders.
In May this year, BW LPG proposed to combine with Dorian in an all-stock transaction, under which Dorian shareholders would have received 2.05 BW LPG shares for each Dorian share.
However, after the rejection of the initial proposal, the company increased its all-stock proposal to combine with Dorian on July 9, under which Dorian shareholders would receive 2.12 BW LPG shares for each Dorian share.
Source: World Maritime News