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Forum Report
Conclusion of Forum Program for
Crowley Maritime Corporation
As
reported Tuesday, a
total of 30,757 shares had been tendered by the May 7 expiration of the
$2,990 per share Crowley offer, leaving only 532 shares (0.6% of the total
outstanding) held by public investors. The tendered shares were accepted
on May 8, and papers were filed the same day for the formal acts
concluding the transaction. (See Amendment
No. 7 to Schedule 13E-3 filed with the SEC on May 8.)
Everyone should
be pleased with this resolution of shareholder interests. The Crowley
family now owns a private company that can be effectively developed for
their benefit, and the company's minority public investors are getting
a cash payment equal to 258% of the trading price of the stock when the
Forum was initiated in April 2004. I
know that some of you believe the $2,990 was 20% or more below "fair
value," but the price can certainly be considered reasonable for an
illiquid stock in the context of a
contentious history with a 70% controlling shareholder.
I want to thank
everyone who contributed to this Forum program's success. Your efforts
should be appreciated by all of Crowley Maritime's shareholders, as well
as by all investors who may benefit from the example of value enhancement.
GL - May 10, 2007
Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212-605-0335
Email: gl@shareholderforum.com |