US-based Crowley Maritime has completed its merger with Marine Transport Corp (MTC).
MTC shareholders largely accepted Crowley's $7-a-share offer for 6.1m shares of common stock in the company last week.
Richard du Moulin's MTC now becomes a subsidiary of Crowley. All remaining MTC shares are now automatically converted, with shareholders being guaranteed the right to receive $7.00 per former MTC share.
Last month TradeWinds reported that Seattle's SaltChuck Resources, which owns Totem Ocean Trailer Express and Foss Maritime, is interested in taking a 50% stake in the new company.
Oakland-based
