Arlington Tankers, General Maritime merger receives support of proxy advisory firm

By Lisa Kerner

Charlotte, N.C., Dec. 3 - RiskMetrics Group/ISS recommended that shareholders of Arlington Tankers Ltd. and shareholders of General Maritime Corp. vote in favor of the proposed stock-for-stock combination of the two companies at their separate special meetings on Dec. 16.

In making its recommendation, the proxy advisory firm cited the combined company's increased fleet and market presence as well as its expected stronger financial profile, according to Arlington Tankers and General Maritime.

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 transaction is slated to close in December.

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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