Buyout of TransFinancial Fails
An attempt by TransFinancial Holdings President Timothy P. O’Neil and two directors to assume private ownership of the public company has failed.
Bank financing for the merger was withdrawn because of poor fourth-quarter operating results, company officials said. The management group had offered to pay $6.03 a share for about 2.9 million shares it does not already own ("TransFinancial Shareholder Critical of Buyout Proposal, 12-20, p. 10).
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A merger agreement with Cola Acquisitions Inc., a company formed by O’Neil, Chairman William D. Cox and Vice-Chairman Roy R. Laborde, was terminated last week after Cola was unable to obtain financing.
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The Lenexa, Kan.-based company is the parent of regional less-than-truckload carrier Crouse Cartage Co., an insurance premium financing business and a start-up industrial technology firm.
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