HALIFAX, N.S. — Clarke Inc. has announced it has reached an agreement with Andlauer Management Group Inc. (AMG), pursuant to which Clarke sold to AMG all of the shares that it held in ATS Andlauer Transportation Services Inc. (ATS). Clarke received an aggregate amount of $34.3 million, representing proceeds from the sale of the ATS shares, Clarke’s share of certain earnings of ATS, and other amounts due to Clarke.
Previously Clarke had announced that it had received a notice of exercise from AMG that required Clarke to sell to AMG all of the shares that Clarke held in ATS, delivered pursuant to the terms of a shareholders’ agreement.
Prior to the sale by Clarke of its interest in ATS, Clarke owned 30 per cent of the outstanding shares of ATS Inc. The remaining 70 per cent was owned by AMG. ATS Inc. is a provider of transportation solutions to customers in the U.S. through its wholly-owned subsidiary Concord Transportation Inc., which was acquired from Clarke in December 2003. ATS Inc. also holds securities that are convertible into units representing 19.9 per cent of the outstanding units of ATS Andlauer Income Fund, an entity that indirectly acquired ATS Inc.’s Canadian freight transportation solutions business in connection with an initial public offering that was completed Sept. 30.
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