Trimac Considers Going Private
Trimac Transportation announced that shareholders will meet June 28 to decide whether to take the publicly traded energy industry and bulk freight specialist to private ownership including its current top leaders.
The announcement by the company, which ranks No. 45 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, said May 19 its independent directors have approved the plan that would provide C$6.25 ($5) in cash to shareholders other than the McCaig family and Trimac Holdings Ltd., which are participating in the privatization. Trimac Transportation Chairman Jeffrey McCaig indirectly controls Trimac Holdings, the statement from the Calgary, Alberta, company said.
The company statement also said that the privatization proposal must be approved by courts and minority shareholders before a planned completion of the privatization June 30.
Also, the company said an agreement has been reached for Trimac Holdings to arrange financing for payment to minority shareholders once the closing conditions are satisfied.
The company earlier this month announced the privatization proposal.
