The founding family of one of North America’s largest bulk trucking firms wants to take the company private.
According to the National Post
, Calgary-based Trimac Corp.
said last week that it had received an offer from a company controlled by J. R. “Bud” McCaig, chairman of Trimac, and his son Jeffery, who serves as president and chief executive, for $9.50 a share in cash. With 27.4 million shares outstanding, the offer values the company at about $260 million. The father and son team controls 6.1 million shares, or 22% of the company.
Trimac is North America's second-largest bulk trucking company, with more than 3,300 tractors and 6,000 trailers from 135 branches across North America.
In July, the company announced plans to sell off its non-core assets and pay down debt to refocus on its bulk trucking business. On Sept. 1 it closed the previously announced sale of its truck fleet management subsidiary, Rentway Ltd., to Penske Truck Leasing Co.
Trimac said other McCaig family members and management, who together own another 12%, are also expected to participate in taking the company private.