Titanium plans to take itself private
Publicly traded Titanium Transportation Group says it plans to take the company private, paying shareholders $2.22 per share, representing a 41% premium to its Jan. 14 closing price.
Its largest shareholder, Trunkeast, and the company’s directors have agreed to the deal. Collectively they represent 50.7% of the total voting interest.
“After a comprehensive review process conducted over the last six months and thorough deliberation, the special committee has concluded that the transaction represents an attractive outcome for the minority shareholders,” William Chyfetz, director and chairman of the special committee said in a release.
Grace Palombo and David Bradley joined Chyfetz on the committee, which sought strategic alternatives for the company.
National Bank served as financial advisor and independent evaluator, and found Titanium to be worth, as of Jan. 14, $2.20 to $2.70 per share.
Shareholders will have to vote on the transaction but Trunkeast itself holds 38.8% of the outstanding common shares and is supported by the company’s directors and officers.
A vote will be held in March.
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