Teekay Returns Triumphant

At a presentation for the investment community, executives of Teekay Shipping outlined the impressive future prospects for their company and the solid basis for their optimism. If the reaction of the attending group was indicative, Teekay’s then-impending public offering would be successful – a welcome contrast to last year’s aborted sale of Teekay stock.

In fact, the offering, managed by Goldman Sachs & Co. and co-led by Smith Barney, Furman Selz and Natwest, was widely and quickly subscribed. 6,900,000 shares were sold at a per share price of $21.50 – somewhat higher than had been thought only a few days prior to the sale. The stock, traded on the New York Stock Exchange, has since sold in a narrow range between $22.50 and $23.50 per share.

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