Overseas Shipholding Group, Inc.

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Ademi LLP continues to investigate the former board of directors of OSG (NYSE: OSG) for possible breaches of fiduciary duty and other violations of law in OSG’s recently closed transaction with Saltchuk.

In the transaction, which recently closed, OSG shareholders received only $8.50 per share in a tender offer transaction that values the OSG at an aggregate equity value of approximately $653 million and a total transaction value of $950 million. The transaction agreement unreasonably limits competing transactions for OSG by imposing a significant penalty if OSG accepts a competing bid. OSG insiders will receive substantial benefits as part of change of control arrangements. 

We continue to investigate the conduct of OSG’s board of directors, and whether they fulfilled their fiduciary duties to all shareholders.