Tender Offer for OMI Shares Set to Expire

Monday, June 04, 2007
Teekay Corporation (Teekay) and A/S Dampskibsselskabet TORM (TORM) informed shareholders of OMI Corporation (OMI) (NYSE: OMM) who have not tendered their shares of common stock pursuant to Teekay's and TORM's previously announced tender offer through its jointly owned subsidiary, Omaha, Inc. (Omaha) that, if they want to participate in the tender offer, they must do so prior to 5:00 pm, New York City time, on June 5, 2007, the expiration of the previously announced subsequent offering period.

Shareholders should consider the following points (see below for further detail):

• Teekay and TORM control over 80% of OMI's shares and a majority of its board;

• Teekay and TORM control the necessary votes to approve the merger of OMI with and into Omaha, without the vote of any other OMI shareholder;

• If shares are not tendered before 5:00 pm, New York City time, on June 5, 2007, shareholders will have to wait until the merger becomes effective (which could take 30 to 60 days or even longer) to receive $29.25 per share, net to the seller in cash;

• No further dividends will be declared on shares of OMI common stock; and

• The OMI board unanimously recommended that all shareholders tender their shares.

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

Chevron Suffers Loss, Plans Job Cuts

Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016,

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Finance

Shipping, Key Ingredient of EU’s Africa Agenda

The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa

Ocean Economy Set to Double in Size by 2030

The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010.   "Calculations based on the

Chevron Suffers Loss, Plans Job Cuts

Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
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: 0.1207 sec (8 req/sec)