EuroHoldings embarks on exploring strategic alternatives including sale

Nasdaq-listed shipowner of ocean-going vessels EuroHoldings announced that following its spin-off from Euroseas on March 18, its board of directors has initiated a review of strategic alternatives to maximize shareholder value, according to the company’s release.

Multiple alternatives are on the table including -among other possibilities- a potential sale of all or part of the company, a corporate acquisition, a merger or other business combination with another party or a partnership, or other strategic or financial transactions.

EuroHoldings noted that its board of directors has not set a timetable for the conclusion of this review, and that no decisions have been made related to any further actions or potential strategic alternatives at this time.

“There can be no assurance that any transaction or other strategic outcome will be approved by the board or otherwise consummated,” reads the company’s statement.

The company also said that it does not intend to disclose developments relating to this process until it determines that further disclosure is appropriate or required by law.

Aristides Pittas, chairman and CEO of EuroHoldings, said: “The company has a cash balance of approximately $13