Business
TransForce to Proceed with Compulsory Acquisition of Remaining Shares of Contrans Group Inc.
MONTREAL , Dec. 2, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI) and Contrans Group I...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\nMONTREAL, Dec. 2, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI) and Contrans Group Inc. (TSX: CSS) are pleased to announce that, as of the expiry time of 12:01 a.m. (Toronto time) today, an additional 2,507,163 Class A Subordinate Voting Shares of Contrans Group Inc. have been validly deposited under the offer made by 2420785 Ontario Inc., TransForce's indirect, wholly-owned subsidiary, for all of the Class A Subordinate Voting Shares and Class B Multiple Voting Shares of Contrans.  2420785 Ontario Inc. will pay the offer price of $14.60 for each of the 2,507,163 deposited Class A Shares and acquire the shares on Friday, December 5, 2014, in accordance with applicable securities regulations.\n\nWhen the 2,507,163 additional Class A Subordinate Voting Shares are added to the 30,261,189 Subordinate Voting Shares previously taken up by 2420785 Ontario Inc., the total of 32,768,352 shares represents 96.7% of the issued and outstanding Class A Subordinate Voting Shares on a fully-diluted basis.  As previously announced, 100% of the Class B Multiple Voting Shares were taken up by 2420785 Ontario Inc.\n\nHaving now acquired more than 90% of the outstanding Class A Subordinate Voting Shares, TransForce intends to proceed with the \"compulsory acquisition\" of the remaining Class A Subordinate Voting Shares not deposited under the offer, pursuant to section 188 of the Business Corporations Act (Ontario).  TransForce will send the required notice to the remaining Contrans shareholders shortly and will be deemed to acquire the remaining Class A Subordinate Voting Shares 30 days after sending the notice, at which time Contrans will become a wholly-owned, indirect subsidiary of TransForce.\n\nABOUT TRANSFORCE\n\nTransForce Inc. is a North American leader in the transportation and logistics industry operating across Canada and the United States through its subsidiaries.  TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries.  Under the TransForce umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency.  TransForce companies service the following segments:\n\n\nPa...