CMB ordered to pay US$36 million to Euronav shareholders

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NEW YORK, Oct. 9, 2024 – The shipping company CMB has been ordered by the Belgian financial regulator (FSMA) to pay an additional US$36 million to shareholders who tendered shares during its mandatory takeover (MTO) of Euronav earlier this year. The stock market watchdog is also forcing CMB to reopen its takeover bid offer to shareholders who chose not to sell in March 2024.

The FSMA decision to retrospectively increase the price of each of the 69.2 million shares already tendered to US$18.28 – adding an additional $0.52 per share – follows a ruling by the Brussels Market Court last month. That judgement ordered the FSMA to re-examine the bid price after finding in favor of the minority shareholders, FourWorld Capital Management LLC, who brought the case before the courts against CMB.

John Addis, Founder and Chief Investment Officer (CIO) of FourWorld said: 

“In accepting the recommendation of the Brussels Market Court, this FSMA decision helps to protect the rights of overlooked minority shareholders. Although this is a victory for minority shareholders, we are disappointed the regulator has not used its expertise and specialist industry knowledge to complete an independent calculation of the true share value at the time of takeover. We must now consider whether to appeal on this matter. However, overall, this is an important step in our legal case against CMB and Frontline as we continue to fight for a fair outcome that holds majority shareholders to account.”

 Anyone seeking to find out more about the history of this dispute can go to www.euronavscuttled.info. This website also contains further information regarding a separate legal challenge, underway in the Antwerp Enterprise Court for the unwinding of CMB’s mandatory takeover, Euronav’s $2.35 billion fleet sale to Frontline, and Euronav’s decision to renounce and settle its arbitration claim against Frontline.

The case is scheduled to appear before the Antwerp Enterprise Court in May 2026.

Notes for Editors

 About FourWorld Capital Management LLC: FourWorld Capital Management is an SEC registered investment adviser with offices in New York and Munich. The company has a particular focus on legal and regulatory catalysts and is currently fighting for a fairer deal on behalf of minority shareholders who lost out during CMB's mandatory takeover of Euronav NV in 2024 and following its failed merger with Frontline.

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