DryShips Inc. And Oceanfreight Inc. Announce Completion Of Merger
News Release
OceanFreight, Inc.
November 4, 2011
ATHENS, GREECE — November 3, 2011 — DryShips Inc. (NASDAQ: DRYS) and
OceanFreight Inc. (NASDAQ: OCNF) announced today that following approval by
OceanFreight’s shareholders at a special meeting, the companies have completed the
merger and OceanFreight has become a wholly-owned subsidiary of DryShips. Under the
terms of the merger agreement, OceanFreight shareholders will be entitled to receive
$11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a
global provider of offshore ultra deepwater drilling services, for each share of
OceanFreight common stock owned by them.
As a result of the merger, OceanFreight’s common shares will cease trading on the
NASDAQ Global Market today, and OceanFreight expects to deregister and suspend its
reporting obligations under the Securities and Exchange Act of 1934, as amended.
American Stock Transfer & Trust Company has been appointed to serve as the agent for
payment of the merger consideration to OceanFreight shareholders, and will promptly
mail to shareholders instructions on how to surrender their stock certificates and receive
payment for their shares. Banks, brokerage firms or other nominees will provide those
shareholders who hold their shares in “street name” with their proceeds from the
transaction. For more information, shareholders who hold their shares in “street name”
should contact their bank, broker or other holder of record, and shareholders of record
may contact American Stock Transfer & Trust Company at (877) 248-6417 (toll free).
Shareholders of record should wait to receive the letter of transmittal before surrendering
their shares.
OceanFreight Inc. (NASDAQ: OCNF) announced today that following approval by
OceanFreight’s shareholders at a special meeting, the companies have completed the
merger and OceanFreight has become a wholly-owned subsidiary of DryShips. Under the
terms of the merger agreement, OceanFreight shareholders will be entitled to receive
$11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a
global provider of offshore ultra deepwater drilling services, for each share of
OceanFreight common stock owned by them.
As a result of the merger, OceanFreight’s common shares will cease trading on the
NASDAQ Global Market today, and OceanFreight expects to deregister and suspend its
reporting obligations under the Securities and Exchange Act of 1934, as amended.
American Stock Transfer & Trust Company has been appointed to serve as the agent for
payment of the merger consideration to OceanFreight shareholders, and will promptly
mail to shareholders instructions on how to surrender their stock certificates and receive
payment for their shares. Banks, brokerage firms or other nominees will provide those
shareholders who hold their shares in “street name” with their proceeds from the
transaction. For more information, shareholders who hold their shares in “street name”
should contact their bank, broker or other holder of record, and shareholders of record
may contact American Stock Transfer & Trust Company at (877) 248-6417 (toll free).
Shareholders of record should wait to receive the letter of transmittal before surrendering
their shares.