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Greek Carrier DryShips Soars After Receiving Buyout Proposal

Joseph Woelfel

soared Thursday after the Greek shipping company said it received a non-binding offer letter from SPII Holdings, which is controlled by DryShips Chairman and CEO George Economou. "The board of directors of the company has formed a special committee consisting solely of disinterested directors to consider the proposal," DryShips said in a statement. The offer from SPII Holdings proposes "a transaction pursuant to which the company would be merged into a subsidiary of SPII Holdings," DryShips said, without providing further details.