Grindrod Shipping Holdings Ltd GRIN shares are trading higher Monday after Taylor Maritime delivered a non-binding proposal to acquire the company for $26 per share.
The proposal comes by means of a tender offer at a cash purchase price of $21 per share to be paid in conjunction with a special cash dividend of $5 per share to the shareholders of the company.
Grindrod said it has entered into exclusive discussions with TMI regarding the proposed transaction, however, definitive terms have not been agreed upon.
Grindrod is a global provider of maritime transportation services predominantly in the drybulk sector.
GRIN Price Action: Grindrod has a 52-week high of $28.98 and a 52-week low of $13.50.
The stock was up 17.4% at $24.07 at press time, according to Benzinga Pro.
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