OMI no longer publicly traded; merger with Teekay, TORM subsidiary complete

By Lisa Kerner

Charlotte, N.C., June 8 - Teekay Corp. and A/S Dampskibsselskabet TORM completed the acquisition of OMI Corp. through their jointly owned subsidiary, Omaha, Inc.

All the remaining outstanding OMI shares were cancelled and converted into the right to receive $29.25 per share in cash without interest.

OMI's stock ceased trading on the New York Stock Exchange at the close of business on Friday, according to a company news release.

In addition, the June 28 annual meeting of OMI shareholders has been canceled.

On April 17, OMI's board unanimously approved the acquisition of the company by Teekay and TORM for $29.25 per share in cash. Under a definitive merger agreement, Teekay and TORM will equally split the total cost of the transaction of about $2.2 billion, including assumed net debt, and will divide the Stamford, Conn.-based tanker owner/operator's assets equally.

Nassau, Bahamas-based Teekay transports seaborne oil and liquefied natural gas.

TORM is a carrier of refined oil products based in Hellerup, Denmark.

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