Crowley completes Marine Transport Corp. merger - February 28, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryFebruary 2001

Vol. 6, No. 2

Week of February 28, 2001

Crowley completes Marine Transport Corp. merger

Petroleum News Alaska Staff

Crowley Maritime Corp. announced Feb. 9 that it has completed its merger of Marine Transport Corp. with Shiloh Acquisition Inc., a wholly owned subsidiary formed by Crowley to acquire MTC.

A cash tender offer of $7 per share for outstanding shares of Marine Transport expired Feb. 5, whereupon MTC became a wholly owned subsidiary of Crowley. The merger results in the automatic conversion, subject to appraisal rights, of remaining MTC shares into the right to receive $7 per former MTC share, the same price paid to tendering shareholders.

MTC has four main business lines — chemical parcel transportation, refined petroleum transportation, crude oil lightering, and ship management.

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