Teekay Tankers Ltd. (Teekay Tankers or the Company) has announced that Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co., LLC (Glass Lewis) have both recommended that the Company\’s shareholders vote \”FOR\” the proposed charter amendment, which will allow the Company to effect its proposed merger with Tanker Investments Ltd. (TIL), which owns 18 mid-size conventional tankers.
ISS and Glass Lewis are leading independent international proxy advisory firms, and their voting analyses and recommendations are relied upon by thousands of major institutional investment firms, mutual funds and fiduciaries throughout the world.
Teekay Tankers’ Board of Directors unanimously recommends that Teekey Tankers shareholders vote “FOR” the proposed charter amendment, which will allow the Company to effect its proposed merger with TIL. In addition, the Company has also already secured support for the merger with TIL from Teekay Tankers’ two largest shareholders, Teekay Corporation and Huber Capital Management LLC.
About Teekay Tankers
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 and a minority interest of over 11 percent in Tanker Investments Ltd. (OSE: TIL), which currently owns a fleet of 18 modern tankers and of which Teekay Tankers has agreed to acquire the remaining ownership interest. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.