Crowley going private after lawsuit settlement
Jacksonville-based Crowley Maritime Corp. plans to go private after it reached an agreement to settle a class action lawsuit filed by shareholders in late 2004.
The Franklin Balance Sheet Investment Fund has agreed to drop the litigation if it and the other unaffiliated holders of Crowley common stock have the opportunity, through a tender offer, to sell their common stock for $2,990 per share in cash.
Thomas B. Crowley Jr., Crowley’s chairman, president and majority shareholder with 65.2 percent of the company’s outstanding common stock, has established Crowley Newco Corp. to purchase the outstanding shares at the agreed price.
The offer will be successful if Thomas Crowley Jr. obtains 95 percent of the shares, after which the newly formed company will be merged into Crowley.
Crowley Maritime offers liner services from Florida to Puerto Rico, the Caribbean islands and Latin America, as well as logistics, petroleum and marine services.