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In March 2007, the controlling shareholder of Crowley Maritime offered $2,990 per share to buy out public investors, a price equal to 258% of the last traded price of shares when the Forum started in April 2004.

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The article copied below appeared in TradeWinds, the shipping industry publication. The weekly paper and its associated web site provide regular coverage of developments concerning Crowley Maritime and other water transportation companies.

 

 

Tom Crowley has successfully completed the $2,990 per share take-private of Crowley Maritime announced in March.

23:39 GMT, 08 May 2007

 
 
The bid to buy out disaffected shareholders survived a court challenge and ultimately attracted 30,757 outstanding common shares out of a total of 31,289 not already beneficially owned by Tom Crowley along with his wife Christine Crowley and his mother Molly Crowley.

Tom Crowley is chairman, chief executive officer and president of Crowley and the grandson of the company’s founder,

The merger of a single-purpose take-private vehicle called Crowley Newco with Crowley Maritime was effected today in Delaware through a filing with state authorities.

The few holdouts will now see their 532 shares bought out at the same per-share price as those who accepted the offer. They are technically entitled to exercise appraisal rights to challenge the price on offer, an expensive prerogative unlikely to be invoked given the tiny number of shares involved.

The company disclosed the completion of the deal in a filing with the Securities and Exchange Commission today.

Investment banker Gary Lutin, who has run an online shareholder forum for the disaffected minority, characterises the participants as largely relieved at the outcome. "It's a chapter most people are happy to see closed," he told TradeWinds.

Crowley was out of his Oakland, California office and not immediately available for comment.

By Bob Rust in Stamford

 published: 23:39 GMT, 08 May 2007 | last updated: 23:42 GMT, 08 May 2007

 

 

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