Latham Reps K-Sea In $600M Merger With Kirby

Law360, New York (March 14, 2011, 1:34 PM EDT) -- Kirby Corp. said Sunday it had agreed to acquire barge and tugboat operator K-Sea Transportation Partners LP to complement its inland energy products transportation business for $600 million in cash, stock and debt.

Kirby said it would pay $8.15 per unit of K-Sea, or $335.3 million for 38.9 million units, and refinance $265 million of the company's debt. The price represents a 26 percent premium over K-Sea's closing price on Friday and a 38 percent premium over the 30-day average closing price, K-Sea said.

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