Deutsche Bank Comments on Seaspan News

Deutsche Bank provided color on Seaspan SSW in a research report published today. Deutsche Bank has a Hold rating and $15 price target on Seaspan. In the report, Deutsche Bank states, "Prior to the open, SSW announced a tender offer for 10 million Class A common shares at $15/share. . . While the $150 million shares tender represents the company's belief it is materially undervalued, SSW is paying a substantial premium to current market prices. The offer may also signal a lack of new growth opportunities available in the market." Later in the report, Deutsche Bank notes, "SSW also announced it has entered into a binding memorandum to purchase Seaspan Management Services Ltd ("Manager"), SSW's technical, commercial and administrative manager. SSW will pay between $54 and $64 million for the Manager plus additional pay-outs if SSW's private equity JV acquires more vessels." Shares of Seaspan were trading at $12.53 at the time of posting, up 19.90% from Monday's market close.