On June 5, Minoan's md, Antonis Maniadakis, wrote to HSW informing them Athens Stock Exchange-listed Minoan, from June 9, "will continue to buy HSW's shares at €4 per each until Minoan gets the management of HSW". This is €1.50 more than previously offered and, according to Minoan, is four times higher than the book value of the share.

However, a general meeting of Hellenic's shareholders on June 15 did turn down the offer, at least for the time-being, breaking up without taking any key decisions of the Piraeus-based company's future. The meeting will re-convene on June 24 with all players continuing to hold their cards close to their chests.
The gathering did however offer the opportunity for major shareholders and other players in the company to count their strength.

Thirty-five shareholders participated in the meeting, representing 95.77% (974,330,241 shares) of the total portfolio.
As Maniadakis confirmed at the time of his letter, Minoan owns 47.4% (36,794,761) of the shares. The second largest shareholder, and considered the biggest hurdle for the Italian-controlled Minoan is Hellenic's prime lender, the Piraeus Bank which has 31,388,080 shares, or 40.4%.
John Vardinoyannis' interests [Anek Lines and ETANAP, food and beverages] control 2.6% and 1.05%, respectively. Agapitos' interests control 0.53% of the shares, while smaller shareholders at the meeting owned a total of 3.72%. Unaccounted for on June 15 were 4.23% of the shares.

Hellenic runs a fleet of 24 vessels, comprising ferries, ro-paxes, hydrofoils and high speed catamarans.