Shares of Dorian LPG Ltd. hiked up 6% in midday trade Tuesday, after Norway-based BW LPG Ltd. proposed to buy the liquefied petroleum gas shipping company in a deal with an equity value of about $441 million. Including debt, the deal would be valued at about $1.1 billion. Under terms of the deal, Dorian shareholders would receive 2.05 BW LPG shares for each Dorian share they own. Based on Monday’s closing price for BW shares, the deal values Dorian shares at $7.86 each, which is 12.9% above Friday’s close of $6.96. “Combining Dorian’s high quality fleet and operating platform with BW LPG’s vessels and expertise would create a larger combined fleet with better geographical coverage to drive value for our customers,” said BW Chief Executive Martin Ackermann. Dorian’s stock has lost 10.1% year to date, while BW shares have slumped 19% and the S&P 500 has gained 0.6%.