SPII Holdings to acquire DryShips in an all-cash deal.

SPII Holdings offered to acquire DryShips, a diversified owner and operator of ocean going cargo vessels that operate worldwide, for $5.25 per share. SPII is controlled by the DryShips’ Chairman and Chief Executive Officer, George Economou. The price represents a premium of approximately 66% over the Company’s $3.16 closing stock price on June 12, 2019 The company’s Board of Directors, acting on the unanimous recommendation of the Special Committee, approved the agreement. The Special Committee, with the assistance of its independent financial and legal advisors, exclusively negotiated the terms of the merger agreement with SPII.