American Commercial Lines (ACL) has filed a $107.8m shelf registration with the US Securities and Exchange Commission (SEC).
ACL's Jeffboat Shipyard.
The Nasdaq-listed tug, barge and shipyard owner on Friday unveiled the plan, which sets the stage for the sale of up to 3.2m shares tied to one of its largest patrons, GVI Holdings.
"The selling stockholders will receive all of the proceeds from any sales of the shares offered hereby," ACL wrote in a statement, adding: "We [ACL] will not receive any of the proceeds, but we will incur expenses in connection with the offering."
As TradeWinds has reported, US private equity firm Platinum Equity is in the process of taking over ACL in a transaction valued at $777m.
When the bid first came to light, ACL said that GVI had agreed to shed its shares at $31.25, just below the $33.00 rate offered to the public.
Registering securities with the SEC does not guarantee a sale.
Shares in the Jeffersonville, Indiana-based owner fell by 0.10% to hit $33.34 in after hours trading. |
