The Cronos Group Announces Closing of Assets Sale
02 August 2007 - 1:05AM
Business Wire
The Cronos Group (Nasdaq:CRNS) announced today that its
shareholders had approved the Asset Purchase Agreement by and among
Cronos and CRX Acquisition Ltd. (�CRX�) and FB Transportation
Capital LLC, and related matters. Shareholders owning 81% of
Cronos� outstanding shares voted in favor of the transaction
proposals. Of those shareholders voting, holders of 99% of the
shares voted in favor of the transaction proposals. Closing of the
assets sale occurred promptly after the conclusion of the meeting
of shareholders in Luxembourg. Cronos sold all of its assets to CRX
for a cash payment of $133,679,640 and CRX assumed all of Cronos�
liabilities. From the proceeds of sale, Cronos will now proceed to
make a liquidating distribution to each of its shareholders in the
amount of $16.00 per share, without interest. Cronos� shareholders
also approved a change in Cronos� name to �CRG Liquidation
Company.� Cronos has requested that trading in its common shares be
suspended, effective market close this date.
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