Board approves bid to take Trimac private

CALGARY (Oct. 17, 2000) — Trimac Corp. is poised to go private after its board of directors yesterday approved a plan by the McCaig family and a group of managers to buy the shares they do not already own for $260 million, or $9.50 per share.

Trimac, founded as Maccam Transport in 1945, grew into one of North America’s largest bulk trucking and logistics operations under the leadership of Bud McCaig, now chairman, and his son, Jeff, the company’s chief executive officer.

Shareholders are scheduled to vote on the proposal Nov. 21. The McCaigs have said they are supported by shareholders representing 85% of Trimac’s stock, including the 22% controlled by the McCaigs.

Should shareholders agree to the plan, the transaction would be subject to regulator and court approval. The transaction is expected to be complete by the end of November.

Last summer, the company sold its Rentway truck leasing and fleet management group to Penske Corp. in part to pay down debt and focus the company on bulk trucking and logistics. The moves failed to boost Trimac’s flagging stock value.

Trimac’s shares are traded on The Toronto Stock Exchange under the symbol TMA. They were priced at $9.35 yesterday.

Have your say

This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.