New York-listed Aegean Marine Petroleum Network has dropped a planned acquisition of H.E.C. Europe Limited (H.E.C.), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services.
Aegean was unable to obtain all necessary approvals for the previously announced share purchase agreement with the shareholders of H.E.C., and the agreement between shareholders of both parties have been terminated in accordance with its terms, it says.
Earlier in March, a group of Aegean investors, namely the Committee for Aegean Accountability, filed a lawsuit at a US court in the Southern District of New York against Aegean’s takeover of H.E.C.
The investors believed Aegean was conducting “a corrupt corporate acquisition” and the acquisition will “line the pockets” of Aegean’s founder; the development is also designed to block efforts by the activist investors to nominate their own group of ‘highly qualified’ candidates to the Aegean board.
“The proposed acquisition would be just the latest in a long history of interested corporate actions, sanctioned by an obedient and self-serving board of directors,” said the investors.
Related: Lawsuit filed against Aegean’s H.E.C. acquisition
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure
Photo credit: Aegean Marine Petroleum Network
Published: 28 March, 2018
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