CALGARY, Alta. – Trimac Corporation’s board of directors has approved the previously announced proposal to privatize Trimac.

In a press release, the company also said Trimac, one of Canada’s largest trucking companies, has entered into an arrangement agreement providing for the privatization.

Under the proposed transaction, which is governed by the Business Corporations Act (Alberta), all shareholders of Trimac, other than those participating in the privatization, receive $9.50 cash for each Trimac share.

The shareholders participating in the privatization consist of members of the McCaig family, who own a majority of the company’s shares, and certain members of Trimac management.

The Board unanimously adopted a special committee’s recommendations and concluded that the arrangement is fair to the shareholders of Trimac.

The Corporation has also received an interim order from the Alberta Court of Queen’s Bench, requiring Trimac to hold a special meeting of its shareholders to approve the arrangement.

The special meeting of shareholders is to be held Nov. 21.

In addition to the approval by Trimac shareholders, the arrangement requires the final approval of the Alberta Court of Queen’s Bench and other regulatory approvals. If all approvals are received, and other closing conditions satisfied, the arrangement should be completed shortly after the special meeting of Trimac shareholders. n