By Lisa Kerner
Charlotte, N.C., Feb. 28 - CRX Acquisition Ltd., formed by The Cronos Group management and FB Transportation Capital LLC, entered into a definitive asset purchase agreement to acquire Cronos for $16.00 per share in a transaction valued at about $133.7 million.
In addition, FB Transportation will purchase the majority of CRX-owned marine cargo container assets acquired from Cronos, according to a company news release.
Cronos said it expects to complete the sale during the summer.
The company's board has unanimously approved the sale and recommends that Cronos' shareholders also approve the transaction at a special meeting.
Peter J. Younger, president, chief operating officer, and a director of Cronos will become CRX's chief executive officer.
Cronos is a leading lessor of intermodal containers based in Luxemburg.
| Acquirer: | CRX Acquisition Ltd.
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| Target: | The Cronos Group
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| Transaction value: | 133.7 million
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| Payment per share: | $16.00
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| Announcement date: | Feb. 28
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| Expected closing: | Summer 2007
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| Stock price for target: | Nasdaq: CRNS: $15.25 on Feb. 27
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