2007

Please Pardon our Appearance

We are short one graphic designer this week and unfortunately as such are highly limited in our design capabilities. Please excuse the look of Freshly Minted this week and the appearance of last week’s tables and rest assured that the quality of the graphics are not indicative of the content and that next week everything will be back to normal. Thank you as always for your support and understanding.

It Takes Two

As is widely known, OMI this week recommended to its shareholders that they accept a $29.25 per share cash bid proffered by a company 50% owned by Vancouver-based Teekay Shipping and 50% by Copenhagen-based A/S TORM. The offer values OMI at around $2.2 billion and would result in Teekay taking OMI’s suezmax fleet along with 8 product tankers and TORM taking OMI’s other 26 product tankers. A formal tender offer is to be commenced to OMI’s shareholders no later than April 27, 2007.

From a transactional standpoint, we could hardly have hoped for the OMI auction to come to a more interesting conclusion, though from the standpoint of the maritime industry here in Stamford, CT, we will be sad to see the company go. With the number of parties involved, it is a bit unwieldy to discuss the deal as a whole, so we begin here with the perspective of first Teekay, followed by TORM.

This is only an excerpt of The Week in Review – 04/19/2007

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