Frontline has proposed an all-stock takeover deal that would see it merge with DHT Holdings.
The transaction, if consummated, would combine two of the largest New York-listed tanker owners.
The proposed deal values DHT at $475m, based on 93.4 million shares outstanding.
Non-binding offer
DHT said that the offer from Frontline, a tanker giant led by chairman John Fredriksen, is "a non-binding, highly conditional proposal".
Norway's
