TransForce Extends Deadline for Contrans Purchase to Oct. 31
TransForce Inc. and Contrans Group Inc. said they have extended the expiration date for TransForce to acquire Contrans’ shares until Oct. 31.
The announcement pushes back a previous Oct. 7 deadline under which TransForce’s subsidiary, 2420785 Ontario Inc., would buy Contrans’ Class A subordinate and Class B multiple voting shares.
TransForce, which announced in July it would buy Contrans for about C$500 million, said it has “continued to receive support from the holders of a majority of Contrans’ shares.”
The extension will allow the Contrans’ minority shareholders who have not yet accepted the offer an opportunity to do so, the two said.
The holders of about 60% of Contrans’ outstanding shares have tendered their shares to the offer or will do so under lock-up agreements with TransForce, the companies’ statement said.
TransForce ranks No. 9 and Contrans is No. 49 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.
