S&P: OMI still on watch

Standard & Poor's said its ratings on OMI Corp., including the BB corporate credit rating, remain on credit watch with negative implications, where they were placed on May 28.

S&P said OMI announced Monday that it is evaluating its strategic options after Stelmar Shipping Ltd.'s board of directors rejected its May 17 offer to acquire Stelmar.

S&P said OMI's offer, which expires on Wednesday, consists of approximately 3.1 shares of OMI stock for each share of Stelmar stock, valuing the transaction at more than $600 million at current prices. The offer would give Stelmar shareholders 40.5% of the combined company, to be named OMI-Stelmar Corp., based on an all-stock transaction.

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