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In March 2007, the controlling shareholder of Crowley Maritime offered $2,990 per share to buy out public investors, a price equal to 258% of the last traded price of shares when the Forum started in April 2004.

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Forum Report: Crowley Extending Tender Offer

(April 21, 2007)



Sent: Saturday, April 21, 2007 1:55 PM

Subject: Crowley extending offer, with fewer than half of non-settlement shares tendered


Copied below is a press release issued last night reporting that Crowley had received tenders or commitments for only 19,971 shares from public shareholders and would therefore be extending the $2,990 per share offer until April 30th to continue solicitations.


The 19,971 shares tendered and committed are 64% of the reported 31,289 shares held by all minority public (non-Crowley) shareholders, and only 48% of those held by minority public shareholders other than the plaintiffs who had agreed to tender their 9,386 shares as part the settlement of their litigation.  This would give Crowley only 87% of the total shares of common stock outstanding, less than the 95% required as a condition of tender offer.  (See Crowley's Offer to Purchase filed with the SEC.)


             - GL


Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212/605-0335




Crowley Newco Corporation Announces Extension of Tender Offer


JACKSONVILLE, Fla.--(BUSINESS WIRE)--Crowley Newco Corporation (the Purchaser) today announced that it has extended the expiration date for its tender offer for shares of common stock of Crowley Maritime Corporation (Crowley).

On March 19, 2007, the Purchaser commenced a tender offer to purchase all outstanding shares of Crowley common stock that it does not beneficially own at a price of $2,990 per share in cash, net to the seller. The tender offer was originally scheduled to expire today at 5:00 p.m., New York City time.

The offer will now expire at 5:00 p.m., New York City time, on Monday, April 30, 2007, unless extended. As of 5:00 p.m., New York City time on April 20, 2007, approximately 19,934 shares of Crowley common stock had been tendered to the Purchaser at the price of $2,990 per share, consisting of 19,897 shares tendered and 37 shares in respect of which the Purchaser has received notices of guaranteed delivery.

As a result of the extension, the Purchaser will promptly file with the Securities and Exchange Commission amendments to its tender offer documents. The amendments may be obtained on the Securities and Exchange Commission's web site at

Stockholders who have not yet tendered their shares are urged to tender their shares so that the Purchaser may complete the pending transaction. Stockholders who tender their shares will receive $2,990 per share in cash following consummation of the tender offer.

Stockholders of record can tender their shares by completing and mailing the Letter of Transmittal, along with any other required documents, to the Depositary, Registrar and Transfer Company. If shares are held in street name, the stockholder must contact the appropriate broker in order to tender its shares. Stockholders can call D.F. King & Co., Inc., the Information Agent for the transaction, to request the tender offer documents or to ask questions about the tender process. Banks and brokers can call collect at 212-269-5550, and all others can call toll free at 800-487-4870. Stockholders who have already tendered their shares need not take any additional action.

Stockholders should read the tender offer documents, as amended, which are on file with the Securities and Exchange Commission, as they contain important information about the tender offer. Investors can obtain such tender offer documents and other filed documents free of charge at the Securities and Exchange Commission's website at

This press release is not an offer to purchase, a solicitation of an offer to purchase or an offer to sell securities. Such an offer or solicitation is only made pursuant to the Offer to Purchase filed with the Securities and Exchange Commission.


Crowley Newco Corporation, Jacksonville
D.F. King, 212-269-5550 or 800-487-4870




The Forum is open to all Crowley shareholders, whether institutional or individual, and to any fiduciaries or professionals concerned with their investment decisions.  Its purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their evaluations of alternatives, as described in the Forum Summary.

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