International Shipholding continues to evaluate Liberty offer

   

 A committee of the outside directors of International Shipholding Corp. said it is continuing to evaluate an unsolicited offer to acquire the company made by Liberty Shipping Group.

 The special committee would like to negotiate the terms of a confidentiality agreement with Liberty, which the special committee believes must contain customary standstill provisions, in order to permit Liberty to have access to non-public information regarding the company, the outside directors said a statement. However, to date, Liberty has indicated it will not sign a confidentiality agreement that includes such provisions.

   The outside directors said they are also continuing to explore other strategic alternatives that may be in the best interests of all shareholders of the company. The directors added that they believed a lawsuit filed by Liberty on Nov. 7 in Delaware against International Shipholding and individual members of the company's board of directors is without merit, and counsel will respond to such case in due course as required under Delaware law.

   Liberty, expressing frustration at the response of International Shipholding to its takeover overtures, said earlier this week it would nominate an alternative slate of directors for the board at the next annual meeting. 

Source: American Shipper