MONTREAL, Nov. 1, 2013 /CNW Telbec/ - TransForce Inc. (TSX: TFI OTCQX:
TFIFF), a North American leader in the transportation and logistics
industry, today announced that it has acquired in a private transaction
ownership of 1,714,754 shares of Vitran Corporation Inc. (Nasdaq: VTNC)
(TSX: VTN) held by Quinpool Holdings Partnership, a subsidiary of
Clarke Inc. (TSX: CKI) (the "Seller"), at a price of US$4.77 per share
(representing CDN$4.975 per share based on the Bank of Canada noon
exchange rate). The 1,714,754 shares represent approximately 10.44% of
the total outstanding shares of Vitran. TransForce now owns 3,278,232
shares of Vitran, representing approximately 19.95% of its total
In connection with the transaction, TransForce signed a lock-up
agreement with the Seller. Under the terms of the lock-up agreement,
the Seller has irrevocably committed to tender its remaining 418,837
shares of Vitran to TransForce should the latter make a formal offer to
Vitran shareholders. In addition, should TransForce proceed with an
alternative transaction in order to acquire all of the shares of Vitran
not then owned by TransForce or all or substantially all of Vitran's
assets, the Seller has agreed to support the alternative transaction,
including voting its remaining shares in favour thereof. The 418,837
shares represent approximately 2.55% of the total outstanding shares of
TransForce remains in the process of reviewing its alternatives related
to its previously-announced proposal made to the board of directors of
Vitran on September 25, 2013 (the ''Proposal").
A formal offer has not been made to Vitran shareholders and TransForce
is not legally obligated to engage in any transaction, and no assurance
can be given that any transaction will be undertaken.
TransForce may acquire additional Vitran shares or sell some or all of
the shares it holds, in the open market, by private agreement or
otherwise, subject to their availability at attractive prices, market
conditions and other relevant factors.
TransForce's address is 8801 Trans-Canada Highway, Suite 500,
Saint-Laurent (Montreal), Québec H4S 1Z6.
TransForce has retained National Bank Financial Markets as its financial
adviser and Heenan Blaikie LLP as legal adviser.
TransForce Inc. is a North American leader in the transportation and
logistics industry operating across Canada and the United States
through its subsidiaries. TransForce creates value for shareholders by
identifying strategic acquisitions and managing a growing network of
wholly-owned, operating subsidiaries. Under the TransForce umbrella,
companies benefit from corporate financial and operational resources to
build their businesses and increase their efficiency. TransForce
companies service the following segments:
Package and Courier;
Truckload, which includes specialized truckload and dedicated services;
Specialized Services, which includes services to the energy sector,
waste management, logistics and ancillary transportation services.
TransForce Inc. is publicly traded on the Toronto Stock Exchange (TSX:
TFI) and the OTCQX marketplace in the U.S. (OTCQX: TFIFF). For more
information, visit http://www.transforcecompany.com.
Except for historical information provided herein, this press release
may contain information and statements of a forward-looking nature
concerning the future performance of TransForce. These statements are
based on suppositions and uncertainties as well as on management's best
possible evaluation of future events. Such factors may include, without
excluding other considerations, fluctuations in quarterly results,
evolution in customer demand for TransForce's products and services,
the impact of price pressures exerted by competitors, and general
market trends or economic changes. As a result, readers are advised
that actual results may differ from expected results.
SOURCE: TransForce Inc.
For further information:
Chairman, President and CEO