Crowley Completes Merger With Marine Transport Corp.

• Position: Brief Article

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

The merger 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 Feb. 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.

Oakland-based Crowley Maritime Corp., founded in 1892, is primarily a family and employee-owned company engaged in integrated logistics, marine transportation...