McLean family to sell Trailer Bridge shares
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The family of the late Malcom P. McLean, the father of containerization, intend to sell its combined 47.8 percent share in U.S. Jones Act carrier Trailer Bridge.
The family members beneficially own about 5.8 million shares of the Jacksonville, Fla.-based barge carrier’s outstanding common stock.
Malcom P. McLean Jr., one of the McLean family group members, and his brother-in-law, Greggory B. Mendenhall, serve on the Trailer Bridge’s board of directors.
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John D. McCown |
John D. McCown, Trailer Bridge’s chairman and chief executive officer, said 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.
“We look forward to cooperating with the family to assist it in achieving its business goals while at the same time fulfilling our duties to our public stockholders,” said McCown.
Trailer Bridge’s share price on the Nasdaq closed Friday at $12.25.