TransForce has submitted a proposal to Vitran's board of directors to acquire any outstanding shares of Vitran they don't already own for USD $4.50 per share in cash.
TransForce said they made the proposal with the intention of "entering into negotiations with Vitran's board and obtaining its support for the proposal."
The proposal is conditional upon the sale of Vitran's US LTL business, announced earlier this week.
TransForce said that a key aspect of the proposal is that Vitran would remain a standalone business. TransForce also noted that they are "very keen that the existing management team remain with Vitran going forward to continue to execute their business plan."
TransForce said they are in the process of reviewing its alternatives related to the Proposal. That includes taking the proposal directly to shareholders if the "board of directors do not engage in negotiations."
TransForce currently controls 9.51% of the outstanding shares of Vitran.
