The Wall Street Journal-20080130-Excel Maritime Lands Deal for Rival Quintana

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Excel Maritime Lands Deal for Rival Quintana

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Excel Maritime Carriers Ltd. agreed to acquire fellow dry-bulk shipper Quintana Maritime Ltd. in a cash-and-stock deal valued at $2.45 billion, a week after Quintana indicated it had given up on finding an attractive suitor. Excel, with offices in Bermuda and Greece, said it will pay $13 in cash and 0.4084 share of Excel Class A common stock for each share of Quintana, of Glyfada, Greece. Based on Excel's price Monday of $33 in 4 p.m. New York Stock Exchange composite trading, the deal values Quintana at $2.45 billion, or $26.48 a share -- a 57% premium to its price Monday of $16.89 in 4 p.m. Nasdaq Stock Market composite trading. The deal will make Excel one of the world's largest dry-bulk companies by ships and tonnage.