TORONTO, March 26, 2014 /CNW Telbec/ - TransForce Inc. ("TransForce")
(TSX: TFI, OTCQX:TFIFF), a North American leader in the transportation
and logistics industry, and Vitran Corporation Inc. ("Vitran") (NASDAQ:
VTNC) (TSX: VTN), a premier Canadian less-than-truckload ("LTL")
transportation firm, are pleased to announce that the previously
announced acquisition of Vitran by TransForce by way of plan of
arrangement (the "Arrangement") has been completed. Under the
Arrangement, 2400520 Ontario Inc. (the "Purchaser"), an indirect
wholly-owned subsidiary of TransForce, acquired all of the issued and
outstanding common shares of Vitran, other than common shares of Vitran
held by the Purchaser and any affiliate of the Purchaser, for
consideration of US$6.50 in cash per share.
"The acquisition of Vitran will further enhance our density in the
Canadian LTL market and provide synergies going forward. Vitran will
remain a standalone entity, under the leadership of Tony Trichilo,
within the TransForce group of companies. We are looking forward to
leveraging the strengths of the two companies to the benefit of our
customers and shareholders. I would like to welcome all Vitran
employees and management to the TransForce team," said Alain Bédard, Chairman, President and Chief Executive Officer of
It is anticipated that the common shares of Vitran will be delisted from
NASDAQ before the market opens on March 27, 2014, and will be delisted
from the TSX at the close of business on or about March 28, 2014.
Further information about the Arrangement is set out in Vitran's
management information circular dated February 3, 2014 which is
available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
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 waste management, logistics
services and services to the energy sector.
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.
ABOUT VITRAN CORPORATION INC.
Vitran Corporation Inc., through its wholly-owned subsidiaries, is a
group of transportation companies offering national, regional,
expedited and transborder less-than-truckload services throughout
Canada. To find out more about Vitran Corporation Inc. (NASDAQ: VTNC,
TSX:VTN), visit the website at www.vitran.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. No assurance can
be given that any events anticipated by the forward-looking information
or statements will transpire or occur, or if any of them do so, what
benefits that TransForce will derive therefrom. In particular, no
assurance can be given as to the benefits that TransForce will derive
from the acquisition of Vitran Corporation Inc.
SOURCE: TransForce Inc.
For further information:
Chairman, President and CEO