Star shares hit a high of $13.41 each shortly after the announcement hit the tape and were still trading strongly at $12.505 each at the time of writing.
The merger of Star Bulk, the existing public dry cargo company controlled by Petros Pappas, and Oceanbulk, which was his private equity venture with Oaktree, has created what Star claims is the largest bulker vehicle in the US capital markets with 69 vessels.
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