TransForce Completes Acquisition of Vitran
March 26 2014 - 5:35PM
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
TransForce.
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.
ABOUT TRANSFORCE
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;
- Less-Than-Truckload;
- 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.
FORWARD-LOOKING STATEMENTS
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.
CONTACT: For further information:
Investors:
Alain Bedard
Chairman, President and CEO
TransForce Inc.
(647) 729-4079
abedard@transforcecompany.com
Media:
Rick Leckner
MaisonBrison Communications
(514) 731-0000
rickl@maisonbrison.com
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