MONTREAL, Sept. 14 /CNW Telbec/ - TransForce Income Fund (TSX: TIF.UN),
the leader in the Canadian transportation and logistics industry, today
announced the signing of a definitive agreement for the acquisition of
Century II Holdings Inc. ("Century") (TSX:CH), which owns structured route
courier company Information Communication Services (ICS) Inc.
Under the terms of the definitive agreement, which was approved by the
Special Committee of independent directors of Century, TransForce will acquire
all of the issued and outstanding shares of Century for a fixed price of
$10.20 per share.
Completion of the previously-announced acquisition remains subject to
customary conditions, including approval by a two-thirds vote of Century's
shareholders at a special meeting to be held on October 25, 2007, regulatory
approval, receipt of a satisfactory opinion from an independent financial
advisor as to the fairness of the transaction to the shareholders of Century,
and the signing of support agreements between TransForce and Century's two
major shareholders by September 19, 2007.
"We are very pleased to have reached this stage of the transaction that
was first announced on August 2," said Alain Bédard, Chairman, President and
CEO of TransForce Income Fund. "We believe we are paying a fair price for
business that will be a significant addition to our Less-Than-Truckload and
Parcel segment. We are confident that all remaining conditions can be met and
that this transaction will continue our track record of adding operations that
are well-managed, successful and accretive to our unitholders."
TransForce Income Fund (www.transforce.ca) is the leader in Canada's
transportation and logistics industry. Headquartered in Montreal, Quebec, the
Fund's objective is to create value for unitholders through managing and
investing in a growing network of independent operating subsidiaries.
TransForce provides a comprehensive and unique combination of capabilities,
resources and geographical coverage in both domestic and trans-border markets.
Its companies operate in four well-defined business segments:
- Less Than Truckload and Parcel Delivery;
- Specialized Services, which includes its ancillary transportation
services and fleet management & personnel services businesses;
- Specialized Truckload; and
TransForce's trust units (TIF.UN) are listed on the Toronto Stock
Exchange and are included in the S&P/TSX Composite Index.
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
For further information:
For further information: Investors: Alain Bédard, Chairman, President
and CEO, TransForce Income Fund, (514) 331-4200; Media: John Lute, Lute &
Company, (416) 929-5883, email@example.com