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Crowley Maritime Corp.



Jacksonville, FL: (Mar-19-07) In a shareholders stock options class action lawsuit filed against Crowley Maritime Corporation and certain members of the board of directors, a settlement was reached wherein the plaintiffs agreed to dismiss the lawsuit if they 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. To this end, Crowley Newco Corp., a company formed by Thomas B. Crowley, Jr., Chairman and President of Crowley, announced that it has commenced a tender offer to purchase all of the Crowley common stock that it does not beneficially own for $2,990 per share in cash. The purchaser is also making the tender offer as part of its goal of acquiring the entire equity interest in Crowley not beneficially owned by it. [BUSINESS WIRE: STOCK OPTIONS SETTLEMENT]


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