Crowley To Acquire Marine Transport Corporation
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 $7.00 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 Chief Executive Officer 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.
OSG to Acquire Heidmar Lightering
Inc. a subsidiary of Morgan Stanley Capital Group Inc. The operation, a fleet of four International Flag Aframax tankers and two U.S. Flag workboats, provides crude oil lightering services to refiners, oil companies and trading companies primarily in the U.S. Gulf. contracts. tankers. entering into definitive documentation. significant Aframax cargo and logistical system in the Atlantic basin. In addition, it provides opportunities to serve U.S. customers with lightering service using OSG's Panamax tankers. since beginning operations in November 2002. Houston. and Head of OSG's Crude Tanker unit.
