General Maritime (GMR) and Arlington Tankers (ATB) Shareholders Approve Proposed Merger

December 16, 2008 2:10 PM EST

General Maritime (NYSE: GMR) and Arlington Tankers (NYSE: ATB) jointly announced that each company's shareholders have approved the proposed combination of General Maritime and Arlington.

Peter Georgiopoulos, Chairman, President and Chief Executive Officer of General Maritime, commented, "We are pleased with the approval of the merger and excited about the Company's prospects. With a large diverse double-hull fleet, we believe we are in a strong position to continue to provide leading charterers with service that meets stringent operational standards. We believe we are also poised to continue to create near-term value for shareholders through our $2.00 per share dividend target, which is supported by the fleet's contracted revenue stream over the next several years. The improved liquidity of the combined company will allow us to pursue future growth opportunities and increase shareholder value for the long-term."

The transaction is expected to be completed after the close of the market on Tuesday, December 16, 2008. The combined company is expected to commence trading on the NYSE on Wednesday, December 17, 2008 under the symbol GMR.

General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. [SM]

Related Categories

Mergers and Acquisitions

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Related Entities

• Dividend
• Crude Oil

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