Crowley extends stock purchase period
Crowley Newco Corp., the company formed by Thomas Crowley Jr. to purchase all the outstanding common stock in Crowley Maritime Corp. and take the company private, has extended its tender offer period by 10 days, to April 30.
Jacksonville-based Crowley Maritime, which provides liner-shipping services in the Caribbean island and Central America trades, said March 19 that all common stock would be purchased as part of a settlement agreement in a civil suit filed by shareholders. Under the agreement, it would purchase all the stock it does not already own for $2,990 per share in cash, net to the seller. If that offer is successful, Crowley said in a statement, Crowley Maritime would no longer be a public company.
The original tender period expired Friday, leading to an extension. Stockholders that have not yet tendered their shares are urged to do so to allow the completion of the pending transaction, a statement from the company said.