Welcome to our dedicated page for Octave Specialty Group news (Ticker: OSG), a resource for investors and traders seeking the latest updates and insights on Octave Specialty Group stock.
This page aggregates news historically associated with the ticker OSG, which has been linked to Overseas Shipholding Group, Inc. and to Octave Specialty Group, Inc. Overseas Shipholding Group, Inc. has been described as a publicly traded company providing liquid bulk transportation services for crude oil and petroleum products in the U.S. Flag markets, with a fleet that includes Suezmax crude oil tankers, ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers participating in the U.S. Tanker Security Program.
News items for Overseas Shipholding Group, Inc. have included quarterly financial results, such as first quarter 2024 earnings releases with details on shipping revenues, time charter equivalent revenues, operating income, and fleet composition. Other announcements have covered developments like a U.S. Department of Energy grant to design an articulated tug-barge unit for transporting liquified carbon dioxide, a separate grant for the proposed Tampa Regional Intermodal Carbon Hub, scholarship awards through the Women Offshore Foundation, and corporate events such as the scheduling and cancellation of an annual meeting of stockholders.
Another major category of news involves corporate transactions. Saltchuk Resources, Inc. and Overseas Shipholding Group, Inc. announced a definitive merger agreement under which Saltchuk agreed to acquire OSG. Subsequent releases reported the commencement of a tender offer, the expiration of the Hart-Scott-Rodino waiting period, and the completion of the transaction, after which OSG became a wholly owned subsidiary of Saltchuk and its shares ceased trading on the New York Stock Exchange, with delisting and deregistration described.
For Octave Specialty Group, Inc., news has described the company as a global specialty insurance firm that builds, buys, and scales niche insurance distribution and underwriting businesses. A Business Wire release explains that Octave Specialty Group focuses on operational excellence, disciplined growth, and innovation while creating a harmonized portfolio of companies. An SEC Form 8-K filing reports that Octave Specialty Group completed the acquisition of Armada Corp Capital, LLC pursuant to a membership interest purchase agreement and references related financial statements and pro forma financial information.
By reviewing the news items associated with OSG, readers can see historical coverage of Overseas Shipholding Group, Inc.’s marine transportation operations and corporate transaction with Saltchuk, as well as information about Octave Specialty Group, Inc.’s specialty insurance activities and acquisition of Armada Corp Capital, LLC.
Octave Specialty Group (NYSE: OSG) announced its Audit Committee approved the engagement of Ernst & Young LLP (EY) as the company's independent registered public accounting firm for the fiscal year ended December 31, 2026, subject to EY's client acceptance procedures and execution of an engagement letter.
KPMG LLP will remain the independent registered public accounting firm for the fiscal year ended December 31, 2025. The company said the review process was not related to any disagreement with KPMG.
Saltchuk Resources successfully completed its acquisition of Overseas Shipholding Group (OSG) for $8.50 per share, valuing the transaction at approximately $950 million. OSG will now operate as a wholly-owned subsidiary within Saltchuk's diversified business portfolio, which includes domestic and international shipping, logistics, marine services, energy distribution, and air cargo. The acquisition adds over 8,500 employees to Saltchuk. The deal, first announced on May 20, 2024, concluded following the expiration of the Hart-Scott-Rodino Antitrust waiting period on June 26, 2024. With the completion of the transaction, OSG's shares will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934.
Saltchuk Resources and Overseas Shipholding Group (OSG) announced the expiration of the Hart-Scott-Rodino (HSR) waiting period for Saltchuk's tender offer for OSG's Class A common stock at $8.50 per share. This expiration satisfies one major condition for the offer. However, other conditions, like the minimum tender of shares, still need to be met. The expiration of the offer is set for July 9, 2024, unless extended. Stockholders are being informed on how to tender their shares. The complete terms can be found in documents filed with the SEC, available on OSG's site and the SEC's website.
Saltchuk Resources and Overseas Shipholding Group (OSG) announced that Saltchuk's subsidiary, Seahawk MergeCo, commenced a tender offer for all issued and outstanding shares of OSG at $8.50 per share in cash. The offer is part of a merger agreement between the companies.
The OSG Board of Directors recommends that stockholders tender their shares. The tender offer expires on July 9, 2024, unless extended or terminated earlier.
Upon completion of the offer and satisfaction of conditions, Seahawk MergeCo will merge with OSG, which will cease to be publicly traded and become wholly-owned by Saltchuk.
Further details are available in documents filed with the SEC on June 10, 2024, accessible on OSG's website and the SEC website.
Overseas Shipholding Group (NYSE: OSG) has released its annual Sustainability Report for 2023. The report outlines the company's efforts and long-term plans in environmental, social, and corporate governance (ESG) practices.
Key highlights include the expansion of its carbon capture, utilization, and storage (CCUS) business line with new funding opportunities for CO2 transportation, and the installation of Starlink across its entire fleet. Additionally, OSG has committed nearly $60 million to lifecycle engine upgrades for its Alaskan Class fleet and has pledged $240,500 in scholarship funds to promote gender equity.
The report is presented alongside OSG's Annual Report and Proxy Statement, offering a comprehensive view of the company's performance and future activities.
Overseas Shipholding Group (OSG) announced the cancellation of its 2024 Annual Meeting of Stockholders, initially scheduled for June 6, 2024. This decision is due to a pending merger with Saltchuk Resources. Details of the merger, disclosed in a previous press release on May 20, 2024, indicate that Saltchuk will acquire OSG at $8.50 per share, valuing the transaction at $950 million.
Overseas Shipholding Group (NYSE: OSG) announced a definitive merger agreement with Saltchuk Resources, valuing OSG at $950 million. Saltchuk will acquire all outstanding OSG shares for $8.50 per share, a 61% premium to OSG’s 30-day volume-weighted average price on January 26, 2024. The transaction has been unanimously approved by the boards of both companies and is expected to close in the coming months, pending customary conditions. Post-merger, OSG will operate as a standalone business unit within Saltchuk. The transaction is not subject to financing conditions.
Overseas Shipholding Group, Inc. reported positive first-quarter 2024 results with net income of $14.6 million, adjusted EBITDA of $43.9 million, and shipping revenues of $117.5 million. The company extended a bareboat charter, declared a cash dividend, and anticipates market strength due to international freight rates.
Overseas Shipholding Group, Inc. (NYSE: OSG) will announce its first quarter 2024 results on May 10, 2024. The Company will host a conference call and webcast to discuss the results. Participants can dial in or watch the live webcast on the Investors section of the company's website.
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