TransForce To Acquire Vitran - Quick Facts

(RTTNews) - Vitran Corporation Inc. (VTNC, VTN.TO), a Canadian less-than-truckload transportation firm, announced it has entered into a definitive arrangement agreement with TransForce Inc. (TFI.TO, TFIFF.PK) pursuant to which TransForce has agreed to acquire all of the outstanding common shares of Vitran not already owned by TransForce for $6.50 in cash per share. The total transaction, including the assumption of Vitran's outstanding net debt of approximately $29 million, is valued at approximately $136 million.

Vitran has terminated the agreement that it had entered into with an affiliate of Manitoulin Transport on December 9, 2013, which contemplated the sale of Vitran at a price of $6.00 per share. Vitran announced the termination fee of $4.0 million payable to Manitoulin Transport is in the process of being paid by the company.