Vernitron Corporation has agreed in principle to acquire all outstanding stock of Commerce Tankers Corporation and Empire Ship Agents and Brokers, which together operate two American-flag tankers. Shareholders receive about $10-million in Vernitron stock, and the firms will continue under present management as a wholly-owned subsidiary.
Vernitron Corporation has agreed in principle to acquire all the outstanding stock of Commerce Tankers Corporation and Empire Ship Agents and Brokers Inc., it has been announced. Among other assets, the companies operate two American-flag tankers carrying oil and grain cargoes.
The shareholders will receive about $10-million in Vernitron common stock for the two companies, according to the announcement. Commerce and Empire will continue to operate under present management as a wholly-owned subsidiary of Vernitron. The principal shareholder of the two ship firms is Milton Philalas, who is also president of Commerce Tankers.
Mentioned in this article
Company
Vernitron Corporationacquiring company
Commerce Tankers Corporationacquired company
Empire Ship Agents and Brokers Inc.acquired company
