Montreal, Canada-based bulk liquid storage terminal operator World Point Terminals has declared a one-time dividend of US$7 (5.69) per common share that will be subtracted from a proposed takeover offer by a private company controlled by the Novelly family.
Tony Novelly is chairman of World Point.
The Montreal-based company, which owns storage terminals for petroleum and other liquids, said takeover price will be reduced to US$12.90 from $19.90. The dividend is payable on June 28 to shareholders of record as of June 17.
World Point announced in April that it had signed an agreement to be taken private in a deal that values the company at more than C$500 million (392 million).