Crowley Newco Corp. Extends Tender Offer

Friday, April 27, 2007
Crowley Newco Corporation announced that, in connection with its tender offer to purchase all outstanding shares of common stock of Crowley Maritime Corporation that it does not beneficially own at a price of $2,990 per share in cash, it has extended the expiration date for its tender offer and waived one of the conditions to the tender offer.

The offer was set to expire at 5:00 p.m., New York City time, on Monday, April 30, 2007. The offer will now expire at 5:00 p.m., New York City time, on Monday, May 7, 2007, unless extended. As of 5:00 p.m., New York City time on April 26, 2007, approximately 30,350 shares of Crowley common stock had been tendered to the Purchaser at the price of $2,990 per share.

The Purchaser also announced that the Court of Chancery of the State of Delaware has approved a proposed settlement of the pending Franklin Balance Sheet Investment Fund v Crowley ("Franklin") litigation and has entered a final judgment dismissing the case. In addition to court approval of this settlement, the tender offer was conditioned upon expiration of the time for appeal of the court's approval of the settlement. The Purchaser has waived this condition to the tender offer.

As a result of these events, the Purchaser will promptly file with the Securities and Exchange Commission amendments to its tender offer documents. The amendments may be obtained on the Securities and Exchange Commission's web site at www.sec.gov.

Stockholders who have not yet tendered their shares are urged to tender their shares so that the Purchaser may complete the pending transaction. Stockholders who tender their shares will receive $2,990 per share in cash following consummation of the tender offer.

Stockholders of record can tender their shares by completing and mailing the Letter of Transmittal, along with any other required documents, to the Depositary, Registrar and Transfer Company. If shares are held in street name, the stockholder must contact the appropriate broker in order to tender its shares. Stockholders can call D.F. King & Co., Inc., the Information Agent for the transaction, to request the tender offer documents or to ask questions about the tender process. Banks and brokers can call collect at (212) 269-5550, and all others can call toll free at (800) 487-4870.

Stockholders who have already tendered their shares need not take any additional action. Stockholders should read the tender offer documents, as amended, which are on file with the Securities and Exchange Commission, as they contain important information about the tender offer. Investors can obtain such tender offer documents and other filed documents free of charge at the Securities and Exchange Commission's website at www.sec.gov.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Swiftships to Procure Patrol Craft Kits for Egyptian Navy

Naval Sea Systems Command (NAVSEA) awards contract to Swiftships for four 28-meter KITs for the Egyptian Navy   On June 28, 2016 Louisiana-based Swiftships, LLC,

Ingalls to Build US Warship LH8

Huntington Ingalls Industries (HII) announced that its Ingalls Shipbuilding division has been selected to build the U.S. Navy’s next large-deck amphibious assault warship, LHA 8.

Asia Tankers-VLCC Rates Expected to Soften

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs)

Finance

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0864 sec (12 req/sec)