Crowley again extends stock purchase period
Crowley Newco Corp. has added another week to its tender offer period for purchasing all outstanding common stock as part of a plan to take the company private.
The tender period had been scheduled to expire at 5 p.m. today, but the company said it has extended the period to 5 p.m. May 7. Crowley Newco earlier extended the offer period from April 20 to April 30.
Crowley Newco is the company formed to purchase all outstanding common stock in Jacksonville-based Crowley Maritime Corp., parent company of the steamship line serving the Puerto Rico Jones Act, Caribbean islands, and Central America trades.
In March, Crowley Newco was formed to buy the common stock as part of an agreement settling a shareholders' civil suit. 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 Maritime would no longer be a public company, Crowley said in a statement.