International Seaways completed its acquisition of Bruton Limited on November 2, adding Bruton as an indirect wholly owned subsidiary. The deal used different forms of payment depending on how many Bruton shares each holder owned.
- Bruton shareholders who held more than 10,000 shares are entitled to 0.05190 shares of International Seaways common stock for each Bruton share, with cash paid for any fractional shares.
- Holders of 10,000 or fewer Bruton shares received $6.3044 in cash per share.
- About 1.1 million International Seaways shares are expected to be issued in total to eligible Bruton shareholders. The final amount will be determined after the settlement process.
- Bruton survived the merger as an indirect wholly owned subsidiary of International Seaways.
The transaction is complete. Its consideration means larger Bruton holders receive International Seaways stock, while smaller holders receive cash.