The announcement follows a 3 April report in TradeWinds that revealed the imminent merger through sources familiar with the deal.
Genco essentially will take over Baltic’s NYSE listing in the stock-for-stock deal, which sees the currently private owner take 84.5% of the combined outfit, while Baltic shareholders will get 15.5%.
Baltic will become Genco’s wholly owned subsidiary.
The combined fleet will be one of Wall Street’s largest at 5.16
