May 18, 2004
Stelmar still waiting for OMI offer
Yesterday, OMI announced it had "commenced discussions" to combine with Athens-headquartered Stelmar Shipping, after receiving the support of Stelios Haji-Ioannou, the founder of Stelmar, and his two siblings, who in the aggregate control approximately 27% of Stelmar's outstanding shares,
Today, though, Stelmar Shipping Ltd. announced that OMI Corporation had yet to made an offer to Stelmar and its Board. Prior to OMI's announcement of a "standstill and support agreement" with the Haji-Ioannou family, Stelmar and its Board were not contacted regarding a possible merger and , said a statement, "Stelmar is not currently in negotiations with OMI."