Directors to Buy TransFinancial
TransFinancial Holdings, Lenexa, Kan., the parent of regional less-than-truckload carrier Crouse Cartage Co., will become a privately owned company under terms of a buyout by three of the company’s directors.
The price is higher than the original offer of $5.25 a share announced in June. An independent committee of directors negotiated the sale price after getting advice from independent legal counsel and an outside investment firm.
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Chairman William D. Cox, Vice Chairman Roy R. Laborde and President Timothy P. O’Neill agreed to pay $6.03 a share for all of the stock they don’t already own. The company has approximately 3.2 million shares outstanding.
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“This transaction will remove the burdensome costs and reporting requirements associated with a public entity,” O’Neil said in a press release, “and will provide stability and continuity of the ownership and management team.”
