London-listed Taylor Maritime Investments (TMI) has declared its offer to acquire all the issued ordinary shares in Grindrod Shipping “unconditional in all respects.”

The Ed Buttery-led TMI, through its subsidiary Good Falkirk, offered $26 per share in the Nasdaq and Johannesburg-listed rival. The offer, which expired last night, was structured as a voluntary general offer, consisting of a cash purchase price of $21 per share to be paid by TMI for each share tendered in conjunction with a special cash dividend from Grindrod of $5 per share to its existing shareholders.

Computershare Trust Company, the depositary for the offer, said that, as at the expiration time, a total of 8,966,040 shares had been validly tendered and not validly withdrawn pursuant to the offer, which represents, when added to the shares owned by the TMI and its affiliates, approximately 73.78% of the outstanding shares.

TMI has provided for a subsequent offering period, which, unless extended, will expire on December 19, 2022. During this subsequent offering period, shareholders who have not previously validly tendered their shares in the offer may do so and will promptly receive the same consideration of $21 per share in cash, without interest thereon, offered in the initial offering period.

The combination of TMI and Grindrod is expected to create a significant market player in the mid-sized dry bulk industry with a fleet of 57 ships.