Liberty seeks meeting with International Shipholding committee

Liberty Shipping Group, which is seeking to acquire International Shipholding Corp., has sent a letter seeking a meeting with a special committee of the company's outside directors evaluating the Liberty offer.

Earlier this month, Liberty offered to buy the company's outstanding shares for $25.75 in cash.

In a letter sent Monday, Liberty Chairman and Chief Executive Philip Shapiro said, "Our leadership team and advisors remain prepared to meet with you and your advisors at your earliest convenience to conduct the necessary due diligence and negotiate a merger agreement.

   Last week, Mobile, Ala.-based International Shipholding formed the group of independent directors to weigh the offer from Liberty.

   The committee includes directors other than member of the founding the Johnsen family, who own about 25 percent of the company's stock. 

Source: American Shipper