Tender offer for OMI complete; Teekay, TORM subsidiary has 89.32% stake in company

By Lisa Kerner

Charlotte, N.C., June 6 - Teekay Corp. and A/S Dampskibsselskabet TORM's jointly owned subsidiary, Omaha, Inc., completed the $29.25-per-share subsequent tender offer for OMI Corp. on June 5.

According to a news release, 3,248,506 additional shares of OMI common stock, or about 5.45% of the outstanding shares, were validly tendered and accepted for payment during the period. Omaha beneficially owns a total of 53,207,143 shares, or 89.32% of the outstanding shares.

The subsidiary acquired 49.8 million shares in the initial tender offer, according to the release.

Omaha will acquire all of the remaining outstanding shares of OMI through a merger of OMI with and into Omaha. Omaha will be the surviving corporation and will be known as OMI Corp.

Teekay and TORM will equally split the total cost of the transaction of about $2.2 billion, including assumed net debt, and will divide OMI's assets equally following the transaction's close.

Nassau, Bahamas-based Teekay transports seaborne oil and liquefied natural gas, and TORM is a carrier of refined oil products based in Hellerup, Denmark.

OMI, located in Stamford, Conn., owns and operates tankers.

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