Teekay, TORM subsidiary acquires OMI

By Lisa Kerner

Charlotte, N.C., June 7 - Omaha, Inc., a jointly owned subsidiary of Teekay Corp. and A/S Dampskibsselskabet TORM, owns more 90% of the outstanding shares of OMI Corp.

OMI will be merged with and into Omaha on June 8, a company news release stated.

All the remaining outstanding OMI shares will be cancelled and converted into the right to receive $29.25 per share in cash after which OMI's shares will be no longer traded on the New York Stock Exchange.

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., tanker owner/operator's assets equally following the transaction's close.

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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