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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Hamburg Süd to Acquire CCNI Liner Service

Compañía Chilena de Navegación Interoceánica S.A. (CCNI) with headquarters in Valparaiso, Chile, and Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG) with headquarters in Hamburg,

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Finance

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

Gas Prices Help Offset Statoil's Output Drop

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3206 sec (3 req/sec)