Kirby Industries liquidates.
With the underlying value of Kirby Industries assets substantially higher than the stock price, the Board of Directors adopted a plan of complete liquidation, designed to distribute to the stockholders of Kirby Industries cash and the stocks of certain companies. The oil and gas producing assets of Kirby Petroleum and the assets of Kirby Building Systems were sold, with the cash proceeds distributed to Kirby Industries stockholders. The stock of Caribbean Finance Company was distributed pro rata to the Kirby Industries stockholders, with Caribbean Finance Company becoming a publicly traded company. The liquidation also resulted in the stocks of Dixie Carriers and Universal Insurance, and the nonproducing oil and gas acreage, royalty interests and interests in oil and gas limited partnerships being transferred to a new corporation named Kirby Exploration Company. Kirby Exploration Company became publicly owned on September 30, 1976 when its common stock was distributed pro rata to the former Kirby Industries stockholders.