Teekay, TORM Acquire Majority Stake in OMI

Friday, June 01, 2007
Teekay Corporation, A/S Dampskibsselskabet TORM and OMI Corporation said that Omaha, Inc., a jointly owned subsidiary of Teekay and TORM, paid for the 49.8 million tendered shares (including shares tendered pursuant to guaranteed delivery procedures) pursuant to Omaha's previously announced tender offer. After taking into account the 2.4 million restricted shares that were cancelled in accordance with the transaction agreement among OMI, Teekay, TORM and Omaha, Omaha's ownership represents approximately 83.5% of all outstanding shares of OMI.

In addition, OMI paid the previously announced special cash dividend today to all holders of record as of the close of business on May 24, 2007, in the amount of $0.10 per share in connection with the tender offer.

Omaha's previously announced subsequent offering period for all remaining OMI shares remains open through 5:00 p.m., New York City time, June 5, 2007, unless otherwise extended. During the subsequent offering period, OMI shares will be accepted for payment as they are tendered at the same offer price paid during the initial offer period of $29.25 per share in cash.

Following the expiration of the subsequent offering period, Omaha will acquire all of the remaining outstanding shares of OMI pursuant to a merger of OMI with and into Omaha, with Omaha being the surviving corporation. In the merger, all remaining outstanding OMI shares will be cancelled and converted into the right to receive $29.25 per share, net to the seller in cash without interest, less any required withholding taxes.

Following the merger, Omaha will change its name to OMI Corporation. Today, Omaha designated four representatives to serve on OMI’s Board of Directors, giving Omaha majority Board representation.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Allcargo Groups Subsidiaries as ECU Worldwide

ECU Line, Econocaribe and China Consolidators undergoes rebranding to build a Global Brand Connect   India’s integrated logistics solution provider Allcargo Logistics

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0918 sec (11 req/sec)