The two John Fredriksen-controlled companies announced a long-expected merger last night, giving them a combined 72 ships, subject to a shareholder vote.
Arctic said the deal was not a surprise but the timing was, "given the negative momentum in the market and both companies trading at a discount to our NAVs."
The transaction would be "most beneficial" for GOGL, it argued, with its calculations suggesting an implied NAV of NOK 7.97
