Takeover offer for MC Shipping

Takeover offer for MC Shipping

MC Shipping Inc. said it has received an offer to acquire 100 percent of its common stock at $3 per share from Burke Investments LLC, a firm based in Stamford, Conn.

MC, based in Monaco, said it has called a meeting of its board to review the proposal and make a recommendation to its shareholders.

The company posted revenues of $35.8 million in 2003.

According to its Web site, MC Shipping owns and operates 13 vessels, including seven liquefied gas carriers, four container ships ranging from 2,800 to 3,500 TEUs, and two small multipurpose/general cargo vessels.

Vessel operations are handled by V.Ships, an affiliate of the Vlasov Group, also of Monaco, MC's largest shareholder with a 48 percent stake, and other management companies.