INTERPOOL OFFERS TO BUY CRONOS GROUP
International container lessor Interpool Inc. has offered to buy Cronos
Group, a competing marine container lessor.
Interpool has offered to negotiate to buy Cronos through its affiliate
Container Applications Inc., for $5 per share, about 33.3 percent over
Wednesday’s closing price for Cronos shares.
Interpool has filed preliminary proxy materials with the Securities and
Exchange Commission, which would be used to solicit proxies from Cronos’
shareholders to elect five nominees to Cronos’ six-person board at Cronos
annual meeting to be held Oct. 26.
Raoul J. Witteveen, president, chief operating officer and chief
financial officer of Interpool, said his company and Cronos had been in
negotiations for several months, but Cronos decided not to pursue a deal.