GLOG Stock Price Increases Over 15% Pre-Market: Why It Happened

By Amit Chowdhry ● February 22, 2021
  • The stock price of GasLog Ltd (NYSE: GLOG) is trading at over 15% pre-market. This is why it happened.

The stock price of GasLog Ltd (NYSE: GLOG) is trading at over 15% pre-market as of 9:20 AM ET. Investors are responding to GasLog announcing it has entered into an agreement and plan of merger with BlackRock’s Global Energy & Power Infrastructure Team (“GEPIF”), which is focused on essential long-term infrastructure investments in the energy and power sector, pursuant to which GEPIF will acquire all of the outstanding common shares of GasLog Ltd. that are not held by certain existing shareholders for a purchase price of $5.80 in cash per share. 

After the deal is completed, certain existing shareholders, including Blenheim Holdings Ltd., which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation, will continue to hold approximately 55% of the outstanding common shares of GasLog Ltd. and GEPIF will hold approximately 45%. 

The company also announced the financial results for its three-month period and the year ended December 31, 2020.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.