Crowley Completes Merger with Marine Transport Corporation
(Oakland, Calif.; Feb. 9, 2001) – Crowley Maritime Corporation announced today 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 yesterday, was the final step in the acquisition of MTC. A cash tender offer for all the outstanding shares of Marine Transport at $7.00 per share, expired on Feb. 5, 2001. 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 $7.00 per former Marine Transport share, the same price paid to the tendering shareholders.
Oakland-based Crowley Maritime Corp., founded in 1892, is primarily a family- and employee-owned company engaged in integrated logistics, marine transportation and related services. The corporation, with more than 100 offices in major ports and cities around the world, has several operating subsidiaries, including Crowley Liner Services, Crowley Marine Services, Crowley Petroleum Transport and Crowley Logistics. Additional information about the corporation, its subsidiaries and business units may be found on the Internet at www.crowley.com.
Marine Transport Corporation is a U.S.-based supplier of marine transportation services, with one of the largest U.S.- based fleets of ocean going vessels. Marine Transports core business is industrial shipping with leading chemical and energy customers. Marine Transports Houston-based operation, MTL Petrolink, provides crude oil lightering services in the Gulf of Mexico. Additional information about MTC may be found on the Internet at www.mtlx.com.