Vitran Shareholders Approve Sale to TransForce
Shareholders of the less-than-truckload carrier Vitran have approved an earlier announced sale to fellow Canadian trucking operation TransForce.
Photo: Evan Lockridge
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.
More Fleet Management
How Innovative Trucking Leaders Turn Change Into an Advantage
As the pace of change accelerates in trucking, the fleets that adapt best have more than the latest technology. They have cultures that embrace improvement.
Read More →
Freight Broker Bonds Just Got Harder to Get. Here's What That Means for Your Fleet.
When it gets harder for a freight broker to prove they are financially sound, the ones who cannot clear that bar get pushed out of the market. And those are exactly the brokers who used to leave motor carriers holding the bag.
Read More →
Long-Awaited Canadian Border Bridge to Open in Detroit
For trucking, the bridge opening should offer immediate improvements in efficiency and reliability, with new customs facilities, expanded inspection capacity, and direct freeway-to-freeway connections.
Read More →
Aurora Rolls Out Next Generation of Driverless Trucks for Commercial Freight
Aurora's latest autonomous trucks it's rolling out with International feature lower-cost hardware designed for a million miles as the company expands commercial driverless freight operations across the U.S. Sun Belt.
Read More →
Freight Tonnage Down, Rates up, as Lower Capacity Powers Trucking Recovery
The recovery from the freight recession continues to be driven by reduction in capacity rather than by increased demand.
Read More →
Think Your Trucking Fleet Isn't Using Much AI? Think Again
Shadow AI — the use of unauthorized artificial intelligence tools at work — is becoming increasingly common, putting sensitive company data at risk. Learn how trucking fleets can protect sensitive data while embracing AI.
Read More →
ArcBest Consolidates Brands, Cuts Workforce
The company will bring three business units under the ArcBest brand, eliminate about 2% of positions, and expects the changes to generate $40 million in annual savings.
Read More →
Trucking Fleets Faced Record Operating Costs During Third Year of Freight Recession
ATRI's annual operational cost report shows carriers trimmed fleets, delayed equipment purchases, and ran older trucks as expenses continued to outpace freight rates.
Read More →
Michelin Adds AI Assistant to MyConnectedFleet Platform
Michelin’s new generative AI tool delivers instant fleet insights, helping managers analyze fuel use, tire maintenance, vehicle status, and operational performance without manually creating reports.
Read More →
LytxOne Platform Now Features AI, Compliance, and Asset Tracking Tools
New enhancements add AI-powered insights, asset tracking, compliance automation, and configurable privacy controls to Lytx's all-in-one fleet management platform.
Read More →