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EURN.US
id: 530, Created by Stan Vick Chase, Scout
Frontline breaks off its deal with Euronav
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What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
on January 9, 2023, Frontline announced that it had terminated its combination agreement with Euronav and not pursuing an acquisition, so shareholders should no longer expect the company to make a conditional exchange offer to acquire Euronav stock.
On this news, Euronav stock plunged over 15% wiping out almost $0.5 billion of the company's capitalization.
Frontline CEO Lars Barstad expressed regret that the merger plan wasn't able to go forward because the deal could lead to the creation of the largest publicly traded tanker shipping company.
Different media were speculating that Euronav's major shareholder failed to reach an agreement with its counterparts at Frontline regarding the future strategy for the combined company.
- That was particularly troublesome at the moment because sanctions imposed on Russia after its invasion of Ukraine have had a dramatic impact on the tanker shipping industry worldwide.
- Euronav has been more proactive about addressing the carbon emissions impact of its shipping fleet, and its owners appeared to be concerned about possibly losing that differentiating emphasis if Euronav and Frontline were to combine.
Taking all facts into account, Investors have grounds to suspect that there could be a breach of fiduciary duties to shareholders by one of the involved parties which affected the holdings value of current investors.
Alleged Offence
Mismanagement,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank,
Service Provider,
Hedge Fund
Security Type
Stocks
Trade Direction
Long
Shock Event Date
09 January 2023