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...
To view the full article, register now.




Case Information

Case Title

Litwin v. Oceanfreight, Inc. et al

Case Number



New York Southern

Nature of Suit



Paul A. Engelmayer

Date Filed

October 13, 2011

Law Firms


Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.