OceanFreight Investors Try To Sink $239M DryShips Deal

Law360, New York (October 14, 2011, 1:45 PM EDT) -- A purported class of OceanFreight Inc. shareholders on Thursday sued to block DryShips Inc.'s pending $239 million purchase of the dry bulk shipper, saying the proposed deal is designed to take advantage of a short-term dip in OceanFreight stock.

In a complaint filed in New York federal court, OceanFreight shareholder Joan Litwin said the deal — which according to a press release from the two companies values OceanFreight at $19.85 per share — does not reflect OceanFreight's intrinsic value and should be blocked.

The offer price...
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