McCaig Proposal Would Make Trimac A Private Company
Canada’s Trimac Corp. could vanish from the Toronto Stock Exchange by Nov. 30 and become a privately held firm if a proposal from the company’s dominant McCaig family comes to pass.
Founded by Jack W. McCaig in Moose Jaw, Saskatchewan, in 1945, Trimac has been publicly traded since 1971. The company moved to Calgary, Alberta, in 1961 and has gone on to become the second largest bulk-hauling carrier in North America.
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Company chairman J.R. “Bud” McCaig and his son J.J., or “Jeff”, have made an offer to buy out 65.3% of the bulk-hauling carrier for C$170 million. Known as Newco, the McCaig-controlled corporation would pay Trimac shareholders C$9.50 a share for the 17.9 million shares it does not already control.
That places the total value of the company at C$260 million, or about U.S.$175 million.
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