Crowley Completes Merger with Marine Transport Corporation

Crowley Maritime Corporation recently announced that it has completed the merger of Marine Transport Corporation (MTC) with Shiloh Acquisition, Inc., a wholly owned subsidiary of Crowley formed for the express purpose of acquiring MTC.

The merger effective February 8, was the final step in the acquisition of MTC. A cash tender offer for all the outstanding shares of Marine Transport at $7 per share, expired on February 5. As a result of the merger, Marine Transport is now a wholly owned subsidiary of Crowley. The merger results in the automatic conversion, subject to appraisal rights, of the remaining Marine Transport shares into the right to receive $7 per former Marine Transport share, the same price paid to the tendering shareholders.