TEEKAY BUYS ADDITIONAL UGLAND NORDIC SHARES
Teekay Shipping Corp., a Nassau, Bahamas-based operator of medium-sized oil tankers, has instructed ABBC Asset Management Ltd., a wholly owned Teekay subsidiary, to buy 4.7 million shares in Ugland Nordic Shipping ASA held through subsidiaries by Rasmussengruppen AS. ABBC completed the purchase on Thursday.
Prior to this transaction, ABBC held 9.0 million shares of Ugland Nordic, or about 64 percent of Ugland’s then-outstanding shares. The purchase on Thursday brings ABBC to the point of owning 97.87 of Ugland’s shares.
The acceptance period under ABBC’s mandatory bid for Ugland, which began on March 30, expires April 30. “If, at such time, there remain any shares outstanding held by minority shareholders, ABBC intends to commence compulsory acquisition of such shares,” ABBC said in a statement.