Navios Maritime Containers L.P. (“Navios Containers”) (NASDAQ:NMCI), an owner and operator of container vessels, announced today that its board of directors has received a proposal from Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM) pursuant to which Navios Partners would acquire the outstanding common units of Navios Containers not already owned by Navios Partners.
Subject to negotiation and execution of a definitive agreement, Navios Partners is proposing to issue in a merger transaction 0.37 of a common unit of Navios Partners for each outstanding common unit of Navios Containers. This exchange rate represents a value of $2.48 per common unit of Navios Containers.
The proposed transaction is subject to the negotiation and execution of a definitive agreement, approval of the board of directors of Navios Partners and the necessary approvals in accordance with Navios Containers’ limited partnership agreement. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. This communication is not a substitute for any documents that may be filed with the Securities and Exchange Commission or sent to equity holders in connection with the proposed transaction. Equity holders are urged to read those documents, which will contain important information.