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NOL calls trading halt, as deadline over exclusive talks with CMA looms
NEPTUNE Orient Lines (NOL), which is in exclusive talks with French shipping company CMA CGM to be acquired, halted trading of its shares prior to the market's opening on Monday.
NOL had signed an exclusivity agreement with CMA CGM for the takeover, valid till 11.59pm on Monday, for the firm to complete due diligence on NOL and negotiate definitive agreements on the offer.
A Wall Street Journal article quoted people with knowledge of the deal as saying that the offer was valued at around US$5 billion, including US$3 billion in debt.