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Maritrans Stockholders Approve
Acquisition
Agreement with Overseas Shipholding Group
Philadelphia, PA — November 28, 2006
— Maritrans Inc.
(NYSE: TUG) today announced that at a special meeting held today in
Philadelphia, Pennsylvania, its stockholders approved the agreement
pursuant to which Overseas Shipholding Group, Inc. will acquire
Maritrans for $37.50 per share. The companies intend to close the
merger later today, subject to the satisfaction of remaining
closing conditions.
Maritrans Inc.
is a U.S.-based company with a 78-year commitment to building and
operating petroleum transport vessels for the U.S. domestic trade.
Maritrans employs a fleet of 11 tug/barge units and 5 tankers. Two
of these tankers were redeployed to the transportation of
non-petroleum cargo. Approximately 75 percent of our oil
carrying fleet capacity is double-hulled. Our current oil carrying
fleet capacity aggregates approximately 3.4 million barrels,
79 percent of which is barge capacity. Maritrans is
headquartered in Tampa, Florida, and maintains an office in the
Philadelphia area. More information is available at the Maritrans
website, http://www.maritrans.com.
Certain
statements in this news release are forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933, as amended and Section 21E of the Se
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