"In the course of the process, various strategic options were considered with the purpose of supporting the long-term strategy and development of the company," read the disclosure. "The company will take the proposals and feedback received during the process into account in further planning and development of its business."

Last July, Tallink announced that its supervisory board has resolved to begin a process in which new core investors may be added to the company's circle of owners, while some of the existing shareholders may divest their shares. It said that the supervisory board had decided to launch an exploratory process relating to potential strategic options for the company. Citigroup Global Markets was appointed as the financial adviser for this process.

The strategic options under consideration must support Tallink's long-term strategy and can be linked with involving new core investors for the company, which can result in some of the existing shareholders divesting their shares, whether by way of a voluntary or mandatory take-over offer for the company or otherwise, it said.

Tallink said it would make no further announcements relating to this process unless it is required or appropriate. It added that no assurances could be given that any transaction would occur as a result of this process.

New CEO to take over in May

The company also announced that current Secretary General of the Ministry of Culture and Reform Party member Paavo Nõgene will take over as Tallink's CEO this May.

Nõgene is taking over from Janek Stalmeister, who will continue as a member of the group's management board.

Before his time at the Ministry of Culture, Nõgene served as director of Tartu's Vanemuine Theatre, prior to which he worked in a number of private businesses. He is also a member of the supervisory boards of Estonian Public Broadcasting (ERR) as well as several cultural institutions across Estonia.