GasLog Shares Rise 18% After BlackRock Share Buy
23 February 2021 - 3:07AM
Dow Jones News
By Chris Wack
GasLog Ltd. shares were up 18% to $5.81 after BlackRock's Global
Energy & Power Infrastructure team said it is buying all
outstanding common shares of GasLog that aren't held by certain
existing shareholders for $5.80 a share in cash.
Volume for GasLog shares was 6.7 million shares at 10:30 a.m.
ET, compared with its 65-day average volume of 1.3 million
shares.
The acquisition price represents a 17% premium to the closing
price of GasLog's common shares Friday, and a 22% premium to the
volume weighted average share price of GasLog's common shares over
the last 30 days.
Immediately following the deal's completion, rolling
shareholders will continue to hold 55% of GasLog, and Global Energy
& Power Infrastructure will hold 45%. The common shares of
GasLog will be delisted from the New York Stock Exchange.
The transaction is expected to close in the second quarter of
2021.
GasLog's preference shares, as well as the common and preference
units of GasLog Partners LP, are expected to remain outstanding and
continue to trade on the New York Stock Exchange immediately
following completion of the transaction.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 22, 2021 10:52 ET (15:52 GMT)
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