TransForce Offers to Buy Vitran
Toronto-based Vitran Corp., which recently decided to sell its U.S. less-than-truckload operations, has received a purchase proposal from TransForce Inc..
Photo: Evan Lockridge
Photo: Evan Lockridge
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
Vitran.
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.
More Fleet Management
Kodiak Lines Up Fleets for Driverless Trucking
An agreement for 75 trucks, a new Texas freight lane, and progress on safety validation move Kodiak closer to its planned driverless highway launch.
Read More →
ITS Logistics Settles Religious Harassment Case
The Nevada-based logistics firm agreed to pay more than $396,000 to settle a religious harassment charge involving an employee's Jewish identity.
Read More →
Your Trucks Are Busy. That Doesn’t Mean They’re Winning.
High utilization doesn’t always mean strong margins. Looking beyond the current load can help fleets make better dispatch decisions and get more value from each truck’s time.
Read More →
Why This Trucking Recovery Is Different
Freight demand remains sluggish, but rising costs and tougher enforcement have taken enough capacity out of the market to change the outlook for motor carriers.
Read More →
Platform Science Adds Dispatch and Safety Tools
Four additions to PS Fleet help fleets monitor loads, manage driver coaching, share truck locations and adjust video system settings.
Read More →
PrePass Intelligence Mines Fleet Bypass, Toll and Safety Data
PrePass Intelligence helps fleets measure bypass savings, flag potential toll overcharges, and spot suspicious transactions by combining data from separate systems.
Read More →
Motive Adds AI Agents for Fleet Operations
New tools automate follow-up on fleet data, from maintenance work orders to driver alerts, with two-way voice conversations planned for later this year.
Read More →
Can You Beat Our Trucking Trivia Challenge?
Test your truck knowledge with 19 trivia questions from Heavy Duty Trucking Exchange. Can you keep up with the fleet pros?
Read More →
BeyondTrucks Adds Rules Checks to Dispatch
New Compatibility Engine checks driver qualifications, equipment requirements and fleet policies before loads are dispatched.
Read More →
Diesel Prices Hijack Trucking’s Worry List
ATRI’s annual survey finds cautious optimism about freight, but diesel costs, litigation, and insurance continue to squeeze fleets. Drivers have different priorities on several issues.
Read More →