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Monday, September
11, 2000
Rep. Bateman dies
U.S. Representative Herbert H.
Bateman (R.-Va.) died this morning during a visit to Loudon County,
Virginia. He was 72.
Well-known as a champion of U.S. shipbuilding,
Rep. Bateman, whose hometown was Newport News, had announced
his decision to retire from Congress in January for health reasons.
Teekay Shipping adopts "poison pill"
Though it says "it is not aware of any effort to gain control
of the company, Teekay Shipping Corporation is adopting a "poison
pill" shareholder rights agreement to deter any unwanted
takeover bids.
Under the shareholder rights agreement
which is "designed to protect shareholders from coercive
takeover tactics," each shareholder of record as of September
20, 2000, will receive a dividend of one purchase right for each
share of the company's outstanding common stock.
President and CEO Bjorn Moller says the
rights "are designed to ensure that Teekay's shareholders
receive fair and equal treatment in the event of any attempted
takeover of Teekay and to guard against partial tender offers,
squeeze-outs, open market accumulations and other abusive tactics
to gain control of Teekay without all shareholders receiving
a pro rata portion of the control premium.''
Similar to those adopted by many public
companies. The rights will be exercisable if a person or group,
who or which currently does not beneficially own 15% or more
of Teekay's common stock, acquires 20% or more of the common
stock (or any person or group, who or which currently beneficially
owns 15% or more of Teekay's common stock, acquires an additional
5% or more of the common stock) or if a person or group announces
a tender offer that would result in ownership by a person or
group, who currently does not beneficially own 15% or more of
Teekay's common stock, of 20% or more of the common stock (or
by a current 15% or more shareholder or group of an additional
5% or more of the common stock).
Teekay says the agreement will not prevent
a takeover, but should encourage anyone seeking to acquire the
Company to negotiate with the Board prior to attempting a takeover.
INTERTANKO marine manager joins Acomarit
Captain Robert Bishop is leaving his job as marine manager of
INTERTANKO (the International Association of Independent Tanker
Owners) to join one of the association's prominent members, the
Acomarit Group.
INTERTANKO's managing director, Svein Ringbakken, said the Association
was sad to lose Bob Bishop but accepted it as part of the inevitable
movement of key personnel within the industry. Ringbakken confirmed
that INTERTANKO has plans to keep the Marine Manager function
based in its London office. He also said that plans had been
developed to expand INTERTANKO's presence and activities in
London subsequent to the appointment of a new Marine Manager.
These recommendations will be presented to INTERTANKO's Council
later this month.
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