DryShips Will Be Acquired By SPII Holdings

DryShips Inc. DRYS will be acquired by SPII Holdings Inc. a company controlled by George Economou, under which SPII will acquire the outstanding shares for $5.25 per share in cash, without interest.

The deal is expected to close in the fourth quarter of 2019.

The $5.25 per share price represents a premium of approximately 66% over the company's $3.16 closing stock price on June 12.

DryShips shares were trading up 35.25% at $5.18 in Monday’s pre-market session. The stock has a 52-week high of $7.22 and a 52-week low of $3.08.

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