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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.
ABOUT MARITRANS
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.
SAFE HARBOR STATEMENT
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 S
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