November 27, 2007
McClean family to sell Trailer Bridge stake
McLean family members have disclosed in an SEC filing that they intend to actively pursue a sale of their Trailer Bridge (NASDAQ Global Market: TRBR) shares. The family members include the sister and children of Trailer Bridge's founder, the late Malcom P. McLean and beneficially own approximately 5.8 million shares, or 47.8% of Trailer Bridge's outstanding common stock.
John D. McCown, Chairman and CEO of Trailer Bridge, says the company's board intends to appoint a committee of impartial, non-family directors to meet and work closely with the McLean family and its advisors and represent the interests of the company and its public stockholders in any transaction or sale of holdings proposed by the family.
Malcom P. McLean, Jr., one of the McLean family group members, and his brother-in-law, Greggory B. Mendenhall, currently serve on the board.
"We look forward to cooperating with the family to assist it in achieving its business goals," Mr. McCown stated, "while at the same time fulfilling our duties to our public stockholders."
As noted in the McLean family's SEC filing, the timing, structure and completion of any transaction, including one or more private sales by the family, will depend on a variety of factors, including the company's financial performance and macroeconomic conditions. There can be no assurance that any sale will occur or as to the terms, manner or timing of any sale.
Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico and the Dominican Republic, bringing efficiency, service, security and environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville and San Juan. Additional information on Trailer Bridge is available at the www.trailerbridge.com website.