Shareholders of the less-than-truckload carrier Vitran have approved an earlier announced sale to fellow Canadian trucking operation TransForce.
It was approved at a special meeting held Wednesday, with more than 90% of the ballots cast in favor of the agreement allowing TrasnForce to acquire Vitran for $6.50 per share for those it does not currently own, which is about 80% of the company.
Late last year TransForce announced the purchase of Vitran, beating out rival Manitoulin Transport, who earlier offered $6 per share, following TransForce’s original offer of $4.50 per share.
It was earlier estimated the deal would be completed by March 7th, but now Vitran says the deadline won’t be met and gave no indication when it would be.
The deal is estimated to be worth around $128 million. It still faces approval from Canadian regulators.
Last September Vitran sold off its U.S. LTL business, which was combined into Central Transport.