Shareholders of Teekay Tankers and Tanker Investments Approve Proposals to Permit Merger
November 17 2017 - 4:11PM
Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK)
today announced that its shareholders voted to approve the
Company’s charter amendment to allow Teekay Tankers to effect the
previously announced merger with Tanker Investments Ltd. (TIL)
(OSE:TIL). Concurrently, TIL today also announced that its
shareholders voted to approve the Agreement and Plan of Merger with
Teekay Tankers. The merger has also been approved by the Board of
Directors of both companies.
Subject to the completion of the remaining
closing conditions, the companies expect the merger to close on or
about November 27, 2017. Upon the closing of the merger, TIL will
become a wholly-owned subsidiary of Teekay Tankers.
About Teekay Tankers Ltd.
Teekay Tankers currently owns a fleet of 35
double-hull tankers, including 16 Suezmax tankers, 12 Aframax
tankers, and seven Long Range 2 (LR2) product tankers, and has four
capital leased Suezmax tankers and one contracted time charter-in
vessel. Teekay Tankers’ vessels are employed through a mix of
short- or medium-term fixed rate time charter contracts and spot
tanker market trading. The Company also owns a Very Large Crude
Carrier (VLCC) through a 50 percent-owned joint venture. In
addition, Teekay Tankers owns a ship-to-ship transfer business.
Teekay Tankers was formed in December 2007 by Teekay Corporation as
part of its strategy to expand its conventional oil tanker
business.
Teekay Tankers’ common stock trades on the New
York Stock Exchange under the symbol “TNK”.
About Tanker Investments Ltd.
TIL is a specialized investment company focused
on the tanker market. TIL was formed in January 2014 to
opportunistically purchase, operate and sell modern secondhand
tankers to benefit from cyclical fluctuations in the tanker market.
TIL’s fleet consists of 18 vessels.
TIL’s common stock trades on the Oslo Stock
Exchange under the symbol “TIL”.
For Investor Relationsenquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website:
www.teekaytankers.comForward-Looking Statements
This release contains forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect
to certain future events and performance, including statements
regarding the timing and completion of the merger between Teekay
Tankers and TIL. Factors that could cause actual results to
differ materially from the forward-looking statements, which
involve risks and uncertainties, and that should be considered in
evaluating any such statement, include, among others, failure to
satisfy the remaining closing conditions of the merger, and other
factors discussed in Teekay Tankers’ Registration Statement on Form
F-4, as amended, initially filed with the U.S. Securities and
Exchange Commission (SEC) on July 14, 2017, and in Tanker
Investments Ltd.’s filings from time to time with the Financial
Supervisory Authority of Norway. Each of Teekay Tankers and TIL
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in their respective
expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is
based.
Additional Information about the Merger and Where to Find It
This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities. In
connection with the proposed merger, Teekay Tankers has filed a
registration statement on Form F-4 with the SEC,
including a joint proxy statement of Teekay Tankers and TIL that
also constitutes a prospectus of Teekay Tankers. Teekay Tankers and
TIL each mailed the joint proxy statement/prospectus to its
respective shareholders. The joint proxy statement/prospectus
contains important information about the proposed merger and
related matters. SHAREHOLDERS OF TEEKAY TANKERS ARE URGED TO READ
ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE JOINT
PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND
SUPPLEMENTS), CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
TEEKAY TANKERS, TIL AND THE MERGER. Shareholders will be able to
obtain copies of the joint proxy statement/prospectus and other
relevant materials (when they become available) and any other
documents filed with the SEC by Teekay Tankers for no charge at the
SEC’s website at www.sec.gov. Copies of the documents filed with
the SEC by Teekay Tankers also can be obtained free of charge on
Teekay Tankers’ corporate website at www.teekaytankers.com or by
contacting Teekay Tankers’ Investor Relations Department by
telephone at (604) 609-2963 or by mail to Teekay
Tankers, Attention: Investor Relations Department, 4th Floor,
Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08,
Bermuda.
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