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Vitran Corporation Inc. Terminates Agreement With Manitoulin Transport, Agrees to be Acquired by TransForce
Mon December 30, 2013 7:00 AM
About: VTNC TORONTO, Dec. 30, 2013 (GLOBE NEWSWIRE) -- Vitran Corporation Inc. ("Vitran (VTNC)" or the "Company") (Nasdaq:VTNC) (TSX:VTN), a premier Canadian less-than-truckload transportation firm, announced today that it has entered into a definitive arrangement agreement (the "TransForce Agreement") with TransForce Inc. ("TransForce") pursuant to which TransForce has agreed to acquire all of the outstanding common shares of Vitran not already owned by TransForce for US$6.50 in cash per share, in accordance with TransForce's prior proposal.
On December 20, 2013, the board of directors of Vitran determined that TransForce's proposal was a "superior proposal" for the purposes of the arrangement agreement (the "Manitoulin Agreement") among Vitran, 2398946 Ontario Inc. and North Channel of Georgian Bay Holdings Ltd. (collectively, "Manitoulin Transport"), dated December 9, 2013. Manitoulin Transport waived its right to match the TransForce proposal. Vitran and Manitoulin Transport have agreed to terminate the Manitoulin Agreement concurrent with the entering into of the TransForce Agreement and the termination fee of US$4.0 million payable to Manitoulin Transport is in the process of being paid by Vitran
Mon December 30, 2013 7:00 AM
About: VTNC TORONTO, Dec. 30, 2013 (GLOBE NEWSWIRE) -- Vitran Corporation Inc. ("Vitran (VTNC)" or the "Company") (Nasdaq:VTNC) (TSX:VTN), a premier Canadian less-than-truckload transportation firm, announced today that it has entered into a definitive arrangement agreement (the "TransForce Agreement") with TransForce Inc. ("TransForce") pursuant to which TransForce has agreed to acquire all of the outstanding common shares of Vitran not already owned by TransForce for US$6.50 in cash per share, in accordance with TransForce's prior proposal.
On December 20, 2013, the board of directors of Vitran determined that TransForce's proposal was a "superior proposal" for the purposes of the arrangement agreement (the "Manitoulin Agreement") among Vitran, 2398946 Ontario Inc. and North Channel of Georgian Bay Holdings Ltd. (collectively, "Manitoulin Transport"), dated December 9, 2013. Manitoulin Transport waived its right to match the TransForce proposal. Vitran and Manitoulin Transport have agreed to terminate the Manitoulin Agreement concurrent with the entering into of the TransForce Agreement and the termination fee of US$4.0 million payable to Manitoulin Transport is in the process of being paid by Vitran
