Toronto-based Vitran Corp., which recently decided to sell its U.S. less-than-truckload operations, has received a purchase proposal from TransForce Inc.
TransForce, based in Montreal, has proposed to buy all of the issued and outstanding common shares of Vitran that it doesn't already own for $4.50 per share in cash. TransForce currently controls 9.51% of the outstanding common shares of
The closing price of Vitran's common shares as quoted on NASDAQ on Sept. 25, was $4.72.
Vitran's board of directors is currently considering the proposal.
The proposal is contingent upon the sale of Vitran's US LTL business, announced earlier this week.
Vitran is selling its U.S. LTL business to Matthew Moroun, who is associated with a number of transportation companies with interests that include LTL, truckload, flatbed, third-party logistics and warehousing. He is the son of Manuel "Matty” Moroun, whose company owns the Ambassador Bridge connecting Detroit and Windsor, Ontario.