Trailmobile Corp. is attempting to take its Canadian subsidiary private with a 10 cent per share offer to minority stockholders.
Through a wholly owned subsidiary, 1314385 Ontario Ltd., Trailmobile owns 62% of Trailmobile Canada. Friday’s bid was 25% over the closing stock price and reportedly has been approved by almost half of the shareholders.
Trailmobile Canada is a separate legal entity from Trailmobile Trailer LLC, which filed for Chapter 11 bankruptcy protection last December. Trailmobile Canada recently announced a $2.4 million loss on revenues of $72 million for its fiscal 2001 ending September 28. That compares to $2.2 million net income on revenues of $132.5 million for fiscal 2000. The company blamed losses and lower revenues on the economic slowdown and the lowest demand for dry van trailers in 10 years.
Through a wholly owned subsidiary, 1314385 Ontario Ltd., Trailmobile owns 62% of Trailmobile Canada. Friday’s bid was 25% over the closing stock price and reportedly has been approved by almost half of the shareholders.
Trailmobile Canada is a separate legal entity from Trailmobile Trailer LLC, which filed for Chapter 11 bankruptcy protection last December. Trailmobile Canada recently announced a $2.4 million loss on revenues of $72 million for its fiscal 2001 ending September 28. That compares to $2.2 million net income on revenues of $132.5 million for fiscal 2000. The company blamed losses and lower revenues on the economic slowdown and the lowest demand for dry van trailers in 10 years.
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