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OSLO, April 28 Oil tanker firm Frontline
said on Friday the high court in the Marshall Islands
has agreed to hear on May 17 its complaint against takeover
target DHT Holdings, which is incorporated in the remote
Pacific republic, over a rival deal with BW Offshore.
Frontline, controlled by Norwegian-born billionaire John
Fredriksen and owner of a 14.5 percent stake in DHT, has been
trying for the past year to take over its New York-listed rival
and is opposing what it called "unfair transaction documents" in
a defensive deal struck by DHT to allow oil and gas shipping
group BW Group to increase its stake in DHT to up to
"We continue to urge the board of DHT to negotiate in good
faith with Frontline over its proposed offer, for the benefit of
all DHT shareholders and consistent with the board's fiduciary
duties," the company said in a statement.
On Tuesday Frontline repeated its offer of 0.8 Frontline
shares for every DHT share and set a 24-hour deadline for DHT to
respond to the $500 million offer.
After Frontline's initial offer DHT struck a tankers for
shares deal with BW Group which made the latter DHT's biggest
shareholder, with a 34.28 percent stake.
Frontline then sought to stop the BW deal proceeding in the
U.S. courts but the New York County Supreme Court said on April
19 it had no jurisdiction over DHT.
However, DHT has said that its deal with BW Group was not
designed to block Frontline's takeover bid but was an fleet
acquisition aimed at strengthening its market positions.
DHT said on Wednesday its board would carefully review
Frontline's latest offer, taking into account changes to the
company's fleet and market developments over the past two
months, and would reply in due course.
(Reporting by Nerijus Adomaitis; Editing by Greg Mahlich)