View non-flash version
November 2010 www.marinelink.com 99 est return on investment from the use of AWHR technology. Based on the find- ings, MLL may then lead the installation of such systems in phase two. Keel Laid for T-AKE 13 General Dynamics NASSCO laid the keel for USNS Medgar Evers, the 13th ship of the Lewis and Clark class of dry cargo-ammunition ships (T-AKE). The ship is named in honor of Medgar Evers, the African American civil rights activist whose 1963 murder prompted President John F. Kennedy to ask Congress for a comprehensive civil rights bill. Mrs. Gina Buzby, wife of Rear Admiral Mark H. Buzby, commander, Military Sealift Command, was the honoree for the keel- laying ceremony. Mrs. Buzby authenticated the keel of T- AKE 13 by welding her initials onto a metal plate which will be permanently af- fixed to the ship. Construction of the Medgar Evers began in April 2010. When T-AKE 13 joins the fleet in the first quarter of 2012, the 689-foot-long ship will be used primarily to stage U.S. Ma- rine Corps equipment abroad and to de- liver as much as 10,000 tons of food, ammunition, fuel and other provisions at one time to combat ships at sea. Affiliate of Platinum Equity to Acquire ACL American Commercial Lines Inc., one of the largest and most diversified inland marine transportation and service com- panies in the U.S., announced that it has entered into a definitive merger agree- ment to be acquired by an affiliate of Platinum Equity, in a transaction with an enterprise value of approximately $777m. ACL's Board of Directors, acting on the unanimous recommendation of a Special Committee of independent direc- tors, approved the agreement and has rec- ommended the approval of the transaction to ACL's stockholders. Under the terms of the agreement, ACL stock- holders, other than GVI Holdings, Inc. and certain of its affiliates (GVI), will re- ceive $33 in cash for each share of ACL common stock they hold. GVI will re- ceive $31.25 in cash for each share of ACL common stock it holds if the trans- action closes before December 31, 2010 and $33 per share thereafter. GVI has en- tered into a Voting Agreement to support the transaction. "Following thorough analysis by a Spe- cial Committee of independent directors, our Board of Directors has determined that this transaction offers the best value for our stockholders," said Clayton Yeut- ter, chairman of the board. The transaction is subject to customary closing conditions, including the expira- tion or earlier termination of the Hart- Scott Rodino waiting period and the approval of ACL's stockholders, but is not subject to any condition with regard to the financing of the transaction. Financ- ing consists of a combination of equity contributed by Platinum Equity and debt financing provided by Wells Fargo Capi- tal Finance, LLC. ACL expects the transaction to close in the fourth quarter of 2010. ACL intends to keep the company's existing senior se- cured notes outstanding and will comply with the indenture governing the notes, including making any required offer to purchase the notes upon a change of con- trol.
