Monday, September 11, 2000
Rep. Bateman dies
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"
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