Teekay Shipping Corp. (TK) and A/S Dampskibsselskabet TORM (TRMD) on Friday reported the closing of the acquisition of OMI Corporation (OMM) through their jointly owned subsidiary, Omaha, Inc.
Shares of OMI held other than by Teekay, TORM or Omaha or any of their respective subsidiaries, were acquired, cancelled and converted into the right to receive $29.25 per share in cash.
The shares of OMI are no longer traded on the New York Stock Exchange and the annual meeting of OMI scheduled has been canceled.
OMI Corporation is an international owner and operator of tankers. Its fleet aggregates approximately 3.5 million deadweight tons and comprises 13 Suezmax tankers (7 of which it owns and 6 of which are chartered-in) and 32 product carriers (of which it owns 28 and charters-in 4). In addition, the company has 2 product carriers under construction.
The Nassau, the Bahamas-based Teekay Corporation which transports more than 10 percent of the world's seaborne oil, has expanded into the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P.(TGP) and is further growing its operations in the offshore production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P.(TOO)
TORM is one of the world's leading carriers of refined oil products and has significant activities in the bulk market. The company operates more than 100 modern and secure vessels.
TK lost $0.47 or 0.83% in the after hours trading at $56.58. TRMD closed at $37.50, down $0.61 or 1.60% on a volume of 10K shares.
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