General Maritime, Arlington Tankers shareholders to decide merger Dec. 16

By Lisa Kerner

Charlotte, N.C., Nov. 3 - General Maritime Corp. and Arlington Tankers Ltd. will hold separate special meetings of their respective shareholders at 10 a.m. ET on Dec. 16 for the purpose of approving a merger of the two companies.

Record date for the meetings is Oct. 27.

Each company's board of directors is recommending that shareholders vote in favor of the merger agreement, a General Maritime news release said.

General Maritime and Arlington Tankers expect to complete the merger in December.

The companies also announced a slate of directors to be named to the board of directors of the combined company.

Under the terms of the merger agreement, the new board will initially consist of seven directors, which will include General Maritime's six current directors and one of Arlington Tankers' current directors, who is expected to be Dr. E. Grant Gibbons.

It was previously reported that General Maritime and Arlington Tankers will combine in a stock-for-stock deal that gives General Maritime shareholders 1.34 shares of the combined company for each share of General Maritime held.

Shareholders of Arlington Tankers will receive one share of the combined company for each share of Arlington Tankers held, the companies said.

Both General Maritime and Arlington Tankers ship crude oil products. New York-based General Maritime operates 21 tankers. Arlington Tankers, located in Hamilton, Bermuda, operates a newer fleet of eight tankers.

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