EXHIBIT 99.2
[CROWN NEWS RELEASE LETTERHEAD]
Institutional Inquiries:
JOHN E. WHEELER, JR.
Executive Vice President
and Chief Financial Officer
(410) 659-4803
Shareholder Inquiries:
J. STEVEN WISE, Manager,
Corporate & Government Affairs
(410) 659-4859
FOR IMMEDIATE RELEASE
Baltimore, Maryland - March 10, 2000
Crown Central Receives Buyout Proposal from APEX OIL COMPANY, INC.
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Crown Central Petroleum Corporation (CNPa and CNPb on the American Stock
Exchange) has received a proposal from Apex Oil Company, Inc. by which Apex Oil
proposes to acquire all of the issued and outstanding Class A and Class B
common stock held by shareholders other than Apex for a price of $9.20 per
share. The proposal is by its terms subject to approval by the board of
directors and shareholders of Crown, to necessary governmental approvals, and
to Apex Oil Company's ability to conduct due diligence to verify that there are
no material adverse developments which have not been disclosed in Crown's
public filings. The proposal will expire at 5 p.m. on Friday March 17, 2000.
Crown understands that Paul A. Novelly is the chairman of Apex Oil
Company. Mr. Novelly, Golnoy Barge Company, Inc., The Capital Trust u/i
February 4, 1994, and the Novelly Exempt Trust u/i August 12, 1992 previously
filed a Schedule 13-D disclosing that they collectively own approximately 15.4%
of Crown's Class A common stock.
Crown has referred the proposal to a board committee of its independent
directors for their consideration.
Headquartered in Baltimore, Maryland since 1930, Crown operates two Texas
refineries with a total capacity of 152,000 barrels per day, 331 Crown gasoline
stations and convenience stores in the Mid-Atlantic and Southeastern U.S., and
13 product terminals along the Colonial, Plantation and Texas Eastern Product
pipelines.