Navios Maritime Holdings: Buyout Offer Unlikely To Be Raised Materially But Upgrading To Hold [Seeking Alpha]
Navios Maritime Holdings Inc. (NM)
Last navios maritime holdings inc. earnings: 5/28 07:30 am
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Source: Seeking Alpha
With Ms. Frangou controlling almost 65% of the voting rights, outside shareholders will have to hope for the company's Special Committee to negotiate a better price. Based on my net asset value estimates, I wouldn't bet on the offer being increased materially or at all. In addition, I do not expect the company's outstanding Series G and Series H Cumulative Preferred Shares to be redeemed upon consummation of the proposed transaction. However, with Ms. Frangou's proposal likely to put a floor under the stock price until a final agreement has been negotiated, I am raising my rating on the common shares from "Sell" to "Hold". Note: I have covered Navios Maritime Holdings ( NYSE: NM NM.PG NM.PH ) previously, so investors should view this as an update to my earlier articles on the company. Following the sale of its dry bulk carrier fleet to former subsidiary Navios Maritime Partners ( NMM ) or "Navios Partners" as part of a massive bailout package last year, Navios Maritime Ho
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