11:09 AM EDT, 04/05/2024 (MT Newswires) -- Eagle Bulk Shipping ( EGLE ) said Friday its shareholders approved the merger with Star Bulk Carriers ( SBLK ) and the issuance of additional shares linked to its convertible senior notes.

The merger proposal was approved during a special meeting held Friday with 65% of Eagle's outstanding shares, equivalent to about 99% of shares present, supported the decision, the company said.

Eagle shareholders will receive 2.6211 common shares of Star Bulk for each Eagle common share they own.

Eagle expects to close the merger around Tuesday, contingent upon meeting the remaining closing conditions.

Shares of Eagle rose 0.9% in recent Friday trading, and Star Bulk climbed 1%.

Price: 62.90, Change: +0.53, Percent Change: +0.85