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 Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Bunker Specialists Endofa Name Hoffmann CEO

Endofa, an independent marine fuel supplier and bunker trader, informs it has named Lars Hoffmann as Chief Executive Officer. Prior to joining Endofa, Hoffmann

Homeland Security Secretary Visits Ingalls Shipbuilding

Huntington Ingalls Industries' Ingalls Shipbuilding division apprises it has hosted a visit by Secretary of Homeland Security Secretary Jeh Johnson and U.S. Rep.

Finance

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

PetroVietNam Gas's Q1 gross profit falls 27.5%

PetroVietNam Gas's first-quarter gross profit fell 27.5 percent to 3.9 trillion dong ($185 million) from a year earlier, the Lao Dong (Labour) newspaper reported.

 
 
Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1171 sec (9 req/sec)