CEO Angeliki Frangou has completed a deal to take Navios Maritime Holdings (NM) private.
Had not even been aware that Angeliki had made an initial offer for NM. Having disposed off the dry bulk carrier portion of the NM fleet in 2022, the holding company was just a shell of its former self. NM does own abt 11% of NMM, so that potentially is the real asset Angeliki is/was after. The sweetened offer of $2.28/sh is a significant bump up (over 20%) vs prior offer.
NM also has two preferred share classes outstanding. Plus, outstanding dividends on the preferred shares. I wonder how Angeliki navigates through that mess?