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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
DIVIDEND
DISTRIBUTION OF
SHARE PURCHASE
RIGHTS
NASSAU, THE BAHAMAS, September 8, 2000 - Teekay Shipping Corporation announced
the adoption of a shareholder rights agreement which is designed to protect
shareholders from coercive takeover tactics. In making its announcement, the
Company said it is not aware of any effort to gain control of the Company. Under
the rights agreement, each shareholder of record as of September 20, 2000, will
receive a dividend of one purchase right for each share of the Company's
outstanding common stock.
Bjorn Moller, the Company's President and Chief Executive Officer, stated: "The
rights are designed to ensure that Teekay's shareholders receive fair and equal
treatment in the event of any attempted takeover of Teekay and to guard against
partial tender offers, squeeze-outs, open market accumulations and other abusive
tactics to gain control of Teekay without all shareholders receiving a pro rata
portion of the control premium." The rights are similar to those adopted by many
public companies. The rights will be exercisable if a person or group, who or
which currently does not beneficially own 15% or more of Teekay's common stock,
acquires 20% or more of the common stock (or any person or group, who or which
currently beneficially owns 15% or more of Teekay's common stock, acquires an
additional 5% or more of the common stock) or if a person or group announces a
tender offer that would result in ownership by a person or group, who currently
does not beneficially own 15% or more of Teekay's common stock, of 20% or more
of the common stock (or by a current 15% or more shareholder or group of an
additional 5% or more of the common stock).
Form 6-K - TEEKAY SHIPPING CORPORATION PAGE 1
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Details of the rights are outlined in the Company's filings with the Securities
and Exchange Commission and in a letter and summary of rights that will be
mailed to shareholders shortly after the September 20, 2000 record date.
The rights agreement is intended to enable all Teekay's shareholders to realize
the long-term value of their investment in the Company. It will not prevent a
takeover, but should encourage anyone seeking to acquire the Company to
negotiate with the Board prior to attempting a takeover.
Teekay Shipping Corporation is a leading provider of international crude oil and
petroleum product transportation services through the world's largest fleet of
medium-sized oil tankers. The Company's modern fleet has earned a reputation for
safety and excellence in providing transportation services to major oil
companies, oil traders and government agencies worldwide.
Teekay's common stock is listed on the New York Stock Exchange where it trades
under the symbol "TK".
For further information contact:
James Fraser
Tel: +1 (604) 844-6616
Fax: +1 (604) 844-6600
Email: [email protected]
Website: www.teekay.com
