Arlington Tankers, General Maritime merger one step closer to completion

By Lisa Kerner

Charlotte, N.C., Aug. 28 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Arlington Tankers Ltd. and General Maritime Corp.

Arlington Tankers said the proposed transaction remains subject to other conditions, including shareholder approval, but is expected to close by the end of the fourth quarter, according to a form 8-K filed with the Securities and Exchange Commission.

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.

An $11 million termination fee is included in the merger agreement, it was reported in an earlier SEC filing.

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

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