Crowley Maritime Corporation and Marine Transport Corporation jointly announced that Crowley has agreed to acquire all of the outstanding shares of Marine Transport Corporation for $7 per share.
Under the agreement entered into by the parties, a wholly-owned subsidiary of Crowley will commence a tender offer within the next 10 business days. The transaction is conditioned upon a minimum number of Marine Transport's shares being tendered, regulatory approvals, and other standard closing conditions. The tender offer is not conditioned upon financing.
Thomas B. Crowley, Jr., chairman of the board and CEO of Crowley, said "Our investment in Marine Transport is a unique opportunity for Crowley to add a complementary business line to our present maritime activities. It is our plan to allow Marine Transport to pursue its present strategic plan with its dedicated management and employees, supported by the joint resources of the combined companies."
Richard du Moulin, Chairman and Chief Executive Officer of Marine Transport said, "We believe this transaction provides significant value realization to our existing stockholders. Crowley is one of the most well respected companies in our business. They know our industry and are deeply committed to it."